When you are talking about plywood of course. I was just measuring my plywood to center my slot cutting bit and everything was a bit off. So after googling a bit I came up with this.
The most common sizes of plywood sold in the United States are 3/4", 1/2" and 1/4". However, that's not exactly correct. A 3/4" sheet of plywood is really 23/32" (and is now typically labeled as such). Similarly, 1/2" should be correctly labeled as 15/32" and 1/4" labeled as 7/32". However, everyone still refers to them as 3/4", 1/2" and 1/4".
Most of the time it doesn't matter as much but when getting the tmolding centered it does.