How to compare two conflicting records

Step 1: Pin down each record's vintage

Write down the publisher, the table or filing, the release date and the stage label of each figure. BEA publishes advance, second and third GDP estimates, then annual and benchmark updates ¹. BLS says the latest 2 months of payroll estimates are based on incomplete returns, and a monthly figure is final only after two revisions ².

Step 2: Match scope, unit and period

Check who or what each record counts. BLS says the household survey counts self-employed and agricultural workers, which the establishment survey excludes ². It counts multiple jobholders once, and the establishment survey counts each job ².

Check the reference period. The household survey uses the calendar week containing the 12th, and the establishment survey uses the pay period including the 12th ². If scope or period differ, the records may both be right.

Step 3: Look for revisions and corrections

Check whether either figure has been revised or corrected since you copied it. ONS notes revisions in the next release, and shows error corrections in a banner titled Correction ⁴. Eurostat places revision information under Data revision policy and Data revision practice in dataset metadata ³. Eurostat treats corrections of errors as unscheduled revisions ³.

Step 4: For company figures, check for restatements

If the records are financial statements, check whether the company filed a Form 8-K under Item 4.02. That item covers a conclusion that previously issued statements should no longer be relied upon, and a notice from the auditor to the same effect ⁵. Under PCAOB AS 2820, an auditor's report on restated statements includes an explanatory paragraph stating that the previously issued statements have been restated, with a reference to the note that describes the correction ⁶.

Step 5: Read the quality documentation

Producers publish notes on methods and limits. US federal rules require recognized statistical agencies to publish descriptions of methods, data quality indicators and known limitations or sources of error, and to identify errors discovered after release ⁷. The IMF Data Quality Assessment Framework lists revision studies and revision policy and practice as elements of quality ⁸.

Step 6: Record the result

• If one record is a later vintage of the other, use the later one and cite both dates ¹.
• If scope or period differ, report both and state the difference ².
• If one record was corrected, cite the correction notice ⁴.
• If accounts were restated, cite the filing that marks the earlier figures as not to be relied upon ⁵.