Putting the data in context

• Reading the fine print
• Checking for revisions
• Making comparisons
  

Reading the fine print

Always consult the introduction, footnotes and explanatory notes published with the statistics to be absolutely sure of what the figures measure. These notes give a clear explanation of the definitions and concepts used. There may be tips to reading the table enclosed, or other symbols used not in the standard table.

Checking for revisions

If data are released shortly after the end of the reporting period, they may be considered initial estimates. Be sure to check for publication revisions as more information becomes available. Data may even be revised many years after the fact upon further review of long-term trends and inflation, so checking for updates is very important.

Making comparisons

Compare like with like, either when using two or more published numbers or when comparing your own figures with published data. For example, some accounting terminology can be misleading and if you are checking a company's figures against data for the whole industry, read the definitions to be sure that published figures are comparable.

Do not confuse commodity data with industry data. For example, shipments of furniture include shipments of furniture from all companies that produce furniture—whether or not they are classified as part of the furniture industry. On the other hand, the value of shipments from, for instance, meat processors includes more than just the value of meat products. It can also include chemicals, oils, soaps and any other products that meat processors may be producing.

This distinction is very important when using statistics from two or more sources. For example, when using import and export statistics with shipment data, make sure you have shipments of commodities and check the classification definitions to be sure they are comparable.