Back to the Products Page

Federal Register Notice

Discussion paper: Issues and Insights

About NAICS

Product Classification System

On February 2, 1999, in partnership with its counterparts in Mexico and Canada, the Economic Classification Policy Committee (ECPC) of the Office of Management and the Budget launched a three-country initiative to create a product classification system for NAICS industries (see Federal Register Notice).

We will use this classification system to coordinate the collection, tabulation, and analysis of output and price data for the products.

The project is being implemented in two phases:

Phase 1 - will be an exploratory effort that focuses on the identification and classification of the products sold by service industries in four selected service sectors.

• Information (sector 51);
• Finance and Insurance (sector 52) except Insurance (subsector 524);
• Professional, Scientific, and Technical Services (sector 54); and
• Administrative and Support, Waste Management and Remediation Services (sector 56).
  

Phase 2 - will develop (1) a comprehensive list of products that encompasses both goods and services products alike and (2) a demand-side/market-orientated classification framework for grouping and aggregating these products.