When generating a Pivot Report, if no records meet the specified criteria from the query, the Pivot Report generates using the last saved data set. This occurs even when the options to 'Refresh Pivot data on each run' is checked and the pivot report in Excel is set to refresh data on each load.
We are currently evaluating this issue and will update this article when we have more information.
Steps to Duplicate
Create a query that will return records
Create a Pivot Report based on that query and generate this and note the data
Adjust the query so that is no longer returns any results
Run the Pivot Report and the message 'No records meet the specified criteria' is displayed
The Pivot Report is still generated and this uses the last set of data