Personal consumption expenditures (PCE) are the primary measure of consumer spending on goods and services in the US economy. 1 It accounts for about two-thirds of marginal domestic expenditure and is therefore the main engine of future economic growth. PCE shows how much of the income earned by households is spent on current consumption versus how much is saved for future consumption. PCE also provides a comprehensive measure of the types of goods and services purchased by households. Thus, for example, it represents the portion of spending accounted for by discretionary items, such as motor vehicles, or adjustments that consumers make to price changes, such as a sharp increase in the price of gasoline.