Standard Industrial Classification (SIC) Key Terms

Educate yourself in the meanings of Standard Industrial Classification (SIC) key terms

By Missy Duncan

Standard Industrial Classification (SIC) uses a four-digit coding system to collect economic information by industry. Many companies may have several SIC codes that they fall under. The SIC codes have been replaced with the NAICS coding system, but when going through older documents, it is often necessary to understand the SIC system. When reviewing Standard Industrial Classification (SIC) codes, look over the SIC key terms first to help you better understand the information.

NAICS

The NAICS has replaced the SIC for coding and classification. The North American Industry Classification System, or NAIC,S utilizes a six-digit hierarchical coding system to classify economic activity in 20 industry sectors.
Try: The Occupational Safety & Health Administrations supplies more details about the NAICS. Visit the U.S. Bureau of Labor Statistics Division of Information Services to find more about the North American Industry Classification System. U.S. Census Bureau also has NAICS information available online.

EDGAR

EDGAR stands for Electronic Data Gathering, Analysis and Retrieval system. EDGAR processes time sensitive information quickly to provide information about publicly traded companies.
Try: The U.S. Securities and Exchange Commission provides more information about EDGAR. WebMediaBrands also has information about EDGAR. Visit Vintage Filings to learn even more.

OMB

The OMB is the Executive Office of Management and Budget. The OMB creates and manages the budget for the President of the United States.
Try: The Center on Budget and Policy Priorities provides details about the OMB. The White House has even more information regarding the OMB.

ECPC

The ECPC, or Economic Classification Policy Committee, works with Bureau of Economic Analysis, Bureau of Labor Statistics, Census Bureau, Office of Management and Budget, U.S. Department of Agriculture, Bureau of Transportation Statistics, Energy Information Administration, and the Federal Emergency Management Administration to create economic policies and regulations.
Try: CBS Interactive provides more information about the Economic Classification Policy Committee. The White House supplies details about the ECPC.

BEA

BEA, or Bureau of Economic Analysis, is a government agency that works with other agencies to produce economic account statements. These statements provide an up-to-date, overall picture of the economy.
Try: Visit the Bureau of Economic Analysis website to find more information about what they do. Economagic.com has information about reports and statistics done by the BEA.

NAPCS

NAPCS, or the North American Product Classification System, is used in Canada, Mexico and the United States to organize and recognize products and industries. The NAPCS's main purpose is to identify products and services and link them to the industries that create and use them.
Try: Discover more information about NAPCS at Statistics Canada. The U.S. Census Bureau also provides details about NAPCS.