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Data Dictionary: ACS 2008 (1-Year Estimates)
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Data Source: Social Explorer; U.S. Census Bureau
Table: A14020. Aggregate Family Income in the Past 12 Months (In 2008 Inflation-Adjusted Dollars) [1]
Universe: Families
Table Details
A14020. Aggregate Family Income in the Past 12 Months (In 2008 Inflation-Adjusted Dollars)
Universe: Families
Relevant Documentation:
Excerpt from: Social Explorer; U.S. Census Bureau; American Community Survey 2008 Summary File: Technical Documentation.
  ACS 2008-1yr Summary File: Technical Documentation -> Appendix B. Subject Definitions -> Derived Measures -> Aggregate
Aggregate
An aggregate is the sum of the values for each of the elements in the universe. For example, aggregate household income is the sum of the incomes of all households in a given geographic area. Means are derived by dividing the aggregate by the appropriate universe. When an aggregate used as a numerator is rounded in the detailed (base) tables, the rounded value is used for the calculation of the mean.
Excerpt from: Social Explorer; U.S. Census Bureau; American Community Survey 2008 Summary File: Technical Documentation.
  ACS 2008-1yr Summary File: Technical Documentation -> Appendix B. Subject Definitions -> Population Variables -> Income in the Past 12 Months -> Income of Families
Income of Families
In compiling statistics on family income, the incomes of all members 15 years old and over related to the householder are summed and treated as a single amount. Although the family income statistics cover the past 12 months, the characteristics of individuals and the composition of families refer to the time of interview. Thus, the income of the family does not include amounts received by individuals who were members of the family during all or part of the past 12 months if these individuals no longer resided with the family at the time of interview. Similarly, income amounts reported by individuals who did not reside with the family during the past 12 months but who were members of the family at the time of interview are included. However, the composition of most families was the same during the past 12 months as at the time of interview.
Excerpt from: Social Explorer; U.S. Census Bureau; American Community Survey 2008 Summary File: Technical Documentation.
  ACS 2008-1yr Summary File: Technical Documentation -> Appendix B. Subject Definitions -> Population Variables -> Income in the Past 12 Months -> Adjusting Income for Inflation
Adjusting Income for Inflation
Income components were reported for the 12 months preceding the interview month. Monthly Consumer Price Indices (CPI) factors were used to inflation-adjust these components to a reference calendar year (January through December). For example, a household interviewed in March 2008 reports their income for March 2007 through February 2008. Their income is adjusted to the 2008 reference calendar year by multiplying their reported income by 2008 average annual CPI (January-December 2008) and then dividing by the average CPI for March 2007-February2008.

In order to inflate income amounts from previous years, the dollar values on individual records are inflated to the latest years dollar values by multiplying by a factor equal to the average annual CPI-U-RS factor for the current year, divided by the average annual CPI-U-RS factor for the earlier/earliest year.