Context.A new reduction of the astrometric data as produced by the Hipparcos
mission has been published, claiming accuracies for nearly all stars brighter
than magnitude Hp = 8 to be better, by up to a factor 4, than in the original
catalogue. Aims.The new Hipparcos astrometric catalogue is checked for the
quality of the data and the consistency of the formal errors as well as the
possible presence of error correlations. The differences with the earlier
publication are explained. Methods. The internal errors are followed through
the reduction process, and the external errors are investigated on the basis of
a comparison with radio observations of a small selection of stars, and the
distribution of negative parallaxes. Error correlation levels are investigated
and the reduction by more than a factor 10 as obtained in the new catalogue is
explained. Results.The formal errors on the parallaxes for the new catalogue
are confirmed. The presence of a small amount of additional noise, though
unlikely, cannot be ruled out. Conclusions. The new reduction of the Hipparcos
astrometric data provides an improvement by a factor 2.2 in the total weight
compared to the catalogue published in 1997, and provides much improved data
for a wide range of studies on stellar luminosities and local galactic
kinematics.Comment: 12 pages, 19 figures, accepted for publication by Astronomy and
Astrophysic