This manual establishes a standardized framework for the classification of economic activities within the United States to facilitate the collection and analysis of statistical data. The Office of Management and Budget developed this system to ensure consistency across government agencies and private sector reporting. By categorizing every industrial, commercial, and service-based entity into a hierarchical numerical code, the manual provides a uniform language for economic measurement and industry tracking.

Experts recognize this document as the foundational standard for historical economic data analysis in the United States. Readers frequently note that while it has been largely superseded by the North American Industry Classification System (NAICS), it remains a critical reference for interpreting historical datasets and longitudinal economic studies.