Real Personal Consumption Expenditure
Returns real (inflation-adjusted) personal consumption expenditure from FRED. PCE is the largest component of GDP, representing consumer spending.
Data Source
Data is sourced from the Bureau of Economic Analysis via FRED.
Notes
- Largest component of GDP (about 70%)
- Values in billions of chained dollars
- Key indicator of consumer confidence and economic health
Syntax
=RealPersonalConsumptionExpenditure()Returns
number
Real PCE in billions of dollars
Examples
Current real PCE
When to Use
- Consumer spending analysis
- GDP component analysis
- Economic health assessment
- Retail and consumer sector research
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Durable goods only | RealPersonalConsumptionExpDurableGoods() |
| Nondurable goods only | RealPersonalConsumptionExpNondurableGoods() |
| Services only | RealPersonalConsumptionExpServices() |
| Monthly frequency | RealPersonalConsumptionExpMonthly() |
Common Issues & FAQ
What's included in PCE?
All consumer spending on goods (durable and nondurable) and services.
How is this different from retail sales?
PCE includes services and is inflation-adjusted; retail sales is nominal goods only.
Related Formulas
More MarketXLS Economic Data formulas you can use in the same worksheet:
- Real Personal Income Excluding Transfer Receipts
- Real Potential Gross Domestic Product
- Real Private Nonresidential Fixed Investment
- Real Private Residential Fixed Investment
- Residential Construction
- S&P 500
- Sales - Retail & Food Services
- St. Louis Fed Financial Stress Index
See RealPersonalConsumptionExpenditure used in a complete workbook: PCE Inflation Tracker Excel: Core PCE Dashboard for May 2026 Fed Watchers
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