I inserted a Pivot Table in Excel 2007 using a query in Access 2007 as the external data source. Fields of the query show in Excel allowing me to build the pivot table, however no data comes through. I also noticed that if I follow the same process but use a table as the data source rather than a query the pivot table does populate with data. Also, confirmed in Access that the query does return data.
I've done the same with Excel/Access 2003 with no issues.