1. A method, in a data processing system, for dictionary matching, the method comprising: loading a plurality of dictionary memory arrays with a set of dictionary words and updating a plurality of status arrays, wherein each status array of the plurality of status arrays corresponds to a respective one of the plurality of dictionary memory arrays and wherein each entry of a given status array stores a status bit that indicates whether a corresponding entry of the corresponding dictionary memory array stores a valid dictionary word; receiving an input data word; generating a hash value based on the input data word; reading a dictionary word from each of the dictionary memory arrays and a status bit from each of the status arrays using the hash value as a read address; and determining whether a dictionary memory array within the plurality of dictionary memory arrays stores a valid dictionary word that matches the input data word.