128-classification-changes-in-retail-sales - Classification...

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Unformatted text preview: Classification changes in retail sales Craig McLaren, Office for National Statistics Wednesday 10 February 2010 Issued by Office for National Statistics, Government Buildings, Cardiff Road, Newport NP10 8XG Media Office 08456 041858 Retail Sales 01633 455602 [email protected] Summary of classification changes 1. The retail sales data published in the January 2010 Retail Sales Statistical Bulletin on 19 February will be based on the new Standard Industrial Classification, SIC 2007. 2. The introduction of SIC 2007 represents the first major revision of the classification structure since 1992 and is the outcome a series of consultations across Europe since 2002. The use of SIC 2007 complies with European regulations and has been a pre-announced change by ONS. 3. The two major differences which affect this indicator are that 'sale of automotive fuel' is now classified as a retail activity, and 'repair of personal and household goods' has been reclassified out of retail sales. 4. The impact of the changes for retail sales estimates at the ‘All retailing’ aggregate level for comparable series do not significantly change the movements over recent time periods. There will be historical differences, and impacts will differ for lower level aggregates for particular industries and by size of business. Overview The Office for National Statistics (ONS) compiles and publishes the monthly Retail Sales Index (RSI) based on a comprehensive and broad based survey of around 5000 retail businesses. The methodology continues to be based on internationally recognised methods (McLaren, 2009). To ensure consistency and comparability across countries, retail sales data are published according to international classification standards. Currently, the industry classifications are based on the Standard Industrial Classification 2003 (SIC 2003), see ONS (2002). An update to the international classifications has occurred with changes reflected in the Standard Industrial Classification 2007 (SIC 2007), see ONS (2007). Office for National Statistics, Information paper 2 The use of this new classification is a requirement across Europe and impacts on a wide range of statistics produced from the ONS. See Hughes (2008, 2009) for a description of the changes and how these changes will impact on ONS outputs. This information paper focuses on changes to the underlying survey resulting from the introduction of SIC 2007 and meets the requirements of the Code of Practice for Official Statistics (UKSA, 2009), and the National Statistician’s Guidance on presentation and publication of Official Statistics (GSS, 2009). A comparison between the currently published estimates and the estimates on the new classification is provided for the ‘All retailing’ estimate on a comparable basis....
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This note was uploaded on 02/08/2012 for the course FIN FIN4345 taught by Professor Koij during the Spring '10 term at FIU.

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128-classification-changes-in-retail-sales - Classification...

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