Research Spotlight Estimates of Categories of Personal Consumption Expenditures Adjusted for Net Foreign Travel Spending

摘要

BEA research separates spending by nonresidents traveling in the United States from spending by U.S. residents, providing a more detailed look at consumer spending. PERSONAL consumption expenditures (PCE) is one of the most closely monitored macroeconomic metrics in the United States, widely used to gauge U.S. consumer demand for goods and services and to track consumer spending patterns. At the aggregate level, PCE measures the spending by U.S. residents regardless of whether they purchase goods and services domestically (in the United States) or whether they purchase goods and services from nonresidents while traveling abroad. By definition, it does not include purchases by nonresidents who are visiting the United States for a limited time. This distinction has important implications for macroeconomic analysis.