Fiserv Small Business Index™ for July 2024: Small Business Sales Regain Momentum
Fiserv Small Business Index rises to 141
Small business sales grew
“The Fiserv Small Business Index provides timely and granular insight into consumer spending at small businesses, which is often a bellwether for the broader economy,” said Jennifer LaClair, Head of Merchant Solutions at Fiserv. “Following modest declines in June, consumer spending rebounded nicely in July to help many small businesses start the second half of the year strong.”
Nationally, the seasonally adjusted Fiserv Small Business Index for July rose to 141. This jump in consumer spending followed a four-point decline in June. On a year-over-year basis, both small business sales (+
“Consumer spending patterns continue to shift, most notably with Retail spend experiencing a decisive bounce back compared to June,” said Prasanna Dhore, Chief Data Officer at Fiserv. “Specialty trade and professional services also performed very well due to seasonal demand and stabilizing inflation rates.”
Retail
July saw strong retail spending growth as the national Retail index rose by four points to 146. Year-over-year retail sales (+
On a monthly basis, retail sales (+
Restaurant
Food Services and Drinking Places indexed at 123 for July, a 4-point decline from June. On an annual basis, restaurant sales declined (-
Month-over-month restaurant sales (-
Other Industry Movers
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Professional, Scientific, and Technical Services continue seeing significant growth in sales (+
15.2% ) and transactions (+13.9% ) year-over-year. Month-over-month performance was strong as well with both total sales and transactions growing (+3.6% ) compared to June. Gains in this industry were across a broad range of services, some of which saw increased demand following harsh weather events in June. -
Specialty Trade Contractors grew sales (+
5.7% ) and transactions (+2.5% ) year-over-year. Month-over-month sales (+3.0% ) also rose despite total transactions (+0.1% ) holding steady. Demand for air conditioning and related services drove most of the spending increase, along with broader demand for general construction and carpentry. -
Additional year-over-year growth categories included Web Search, Libraries and Information Services (+
20.4% ), Amusement/Gambling/Recreation (+8.3% ) and Food Manufacturing (+8.1% ); the sharpest annual declines were in Real Estate (-12.3% ) and Transportation Equipment Manufacturing (-10.5% ). -
Utilities (+
6.2% ) and Hospitals (+5.7% ) were the fastest growing small business categories on a monthly basis; Performing Arts, Spectator Sports and Related Industries (-2.4% ), Accommodation (-1.2% ) and Insurance (-0.1% ) each saw modest month-over-month declines.
About the Fiserv Small Business Index™
The Fiserv Small Business Index is published during the first week of every month and differentiated by its direct aggregation of consumer spending activity within the
Benchmarked to 2019, the Fiserv Small Business Index provides a numeric value measuring consumer spending, with an accompanying transaction index measuring customer traffic. Through a simple interface, users can access data by region, state, and/or across business types categorized by the North American Industry Classification System (NAICS). Computing a monthly index for 16 sectors and 34 sub-sectors, the Fiserv Small Business Index provides a timely, reliable and consistent measure of small business performance even in industries where large businesses dominate.
To access the full Fiserv Small Business Index, visit fiserv.com/FiservSmallBusinessIndex.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
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Chase Wallace
Director, Communications
Fiserv, Inc.
+1 470-481-2555
chase.wallace@fiserv.com
Source: Fiserv, Inc.