In my experience, yes. I've checked with micrometers that are an order of magnitude more precise. You have to be fairly experienced reading it, and it often helps to use a magnifying glass. Also you have to be very careful not to drag the jaws open when removing from the object you're measuring. Taking multiple measurements and averaging helps.
To be clear, for a measurement where accuracy to less than 0.001" actually matters use a micrometer! Otherwise you're likely to screw up the part. But the advertised precision of 0.001" is totally repeatable within 0.0005".
To be clear, for a measurement where accuracy to less than 0.001" actually matters use a micrometer! Otherwise you're likely to screw up the part. But the advertised precision of 0.001" is totally repeatable within 0.0005".