Consumer Indicator
Personal Consumption Expenditures (Monthly Change)
Updated 2026-03-28 · Monthly · Source: Bureau of Economic Analysis · Next release: 2026-04-25
Historical Trend
| Date | Value |
|---|---|
| 2026-03 | 0.4% |
| 2026-02 | -0.2% |
| 2026-01 | 0.2% |
| 2025-12 | 0.7% |
| 2025-11 | 0.4% |
| 2025-10 | 0.4% |
| 2025-09 | 0.5% |
| 2025-08 | 0.2% |
| 2025-07 | 0.5% |
What This Means for Business
Consumer spending rebounded 0.4% in March after a rare decline in February, suggesting the consumer remains resilient despite falling confidence. For executives, the discrepancy between weak confidence surveys and solid spending data is a puzzle worth watching — consumers may be expressing anxiety while still spending. If spending follows confidence lower, it would be a significant drag on GDP growth.
About Consumer Spending
Personal Consumption Expenditures measures the monthly change in household spending on goods and services. Consumer spending represents approximately 70% of U.S. GDP, making it the single largest driver of economic activity.
Methodology
The BEA measures personal consumption expenditures using retail sales data, service provider revenue, and other economic indicators. It covers three categories: durable goods (cars, appliances), nondurable goods (food, clothing), and services (healthcare, housing, financial). Data is adjusted for inflation and seasonal patterns.
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Frequently Asked Questions
Why is consumer spending so important to the economy?
Consumer spending drives approximately 70% of U.S. GDP. When consumers spend, businesses earn revenue, hire workers, and invest. A sustained decline in consumer spending almost always leads to recession. This is why the Fed, Wall Street, and corporate executives all closely monitor spending trends — it is the heartbeat of the American economy.