Fiserv Small Business Index holds steady at
145
Small business sales grew 4.3% year-over-year,
and 0.2% month-over-month
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology, has published the Fiserv Small
Business Index™ for May 2024. The Fiserv Small Business Index is an
indicator of the performance of small businesses in the United
States at national, state, and industry levels.
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the full release here:
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May 2024 Fiserv Small Business Index
(Graphic: Business Wire)
“Small businesses are a bellwether of the U.S. economy,” said
Jennifer LaClair, Head of Merchant Solutions at Fiserv. “The Fiserv
Small Business Index provides insight into this critical ecosystem
well ahead of other economic indicators, and the most recent index
shows that consumers continue to spend at a healthy, though
slightly slower, pace.”
Nationally, the seasonally adjusted Fiserv Small Business Index
for May remained steady at 145. Small business sales grew 4.3%
year-over-year, and 0.2% month-over-month. Foot traffic grew 5.2%
year-over-year and declined 0.5% compared to April.
“Consumer spending recorded another uptick in May, though
consumers are keeping a closer eye on their discretionary
purchases,” said Prasanna Dhore, Chief Data Officer at Fiserv.
“We’re also seeing a shift toward non-discretionary spending, as
spending growth at grocery stores, for example, outpaced that at
restaurants.”
Retail Spending Stalls in May as Discretionary Spending
Continues to Slow
Nationally, small business retail spending was flat while
transactions grew 0.7% month-over-month. Among all retail
categories, Food & Beverage Retailers experienced the most
significant spending expansion (+2.1%). Clothing (+0.3%), Sporting
Goods (+0.2%), and Health/Personal Care (+0.2%) also delivered
small gains over April. Other areas of Retail such as General
Merchandise (-0.4%), Auto Parts (-0.9%), Building Materials
(-1.1%), and Furniture (-1.9%), slipped in May, suggesting that
consumers are curbing some of their discretionary spending.
As Restaurant Spending Slows, Grocery Grows
Consumers continue to seek a balance in food spending, given the
significant share of wallet food purchases consume each month.
Restaurant spending was up 4.1% year-over-year and grew slightly
(+0.6%) from April. Restaurant foot traffic, however, decreased
1.2% compared to April, as consumers made more trips to Food &
Beverage Retailers, including grocers, which saw foot traffic grow
8.4% year-over-year and 1.5% month-over-month.
Mixed Results Across Service Categories
Specialty Trade Contractors year-over-year growth slowed to
2.8%, compared to 4.0% growth in April, while month-over-month
sales grew slightly (+0.9%). Seasonal demand delivered an uptick in
this category for small project contractors, swimming pool
servicers, and HVAC specialists. Professional, Scientific, and
Technical Services saw a lively 13.5% increase in sales
year-over-year, with a decline of 0.7% from April. Much of this was
expected as the acute demands for April tax season services have
relaxed. Truck Transportation led all service categories
nationally, growing 4.0% month-over-month.
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 U.S. small business
ecosystem. Rather than relying on survey or sentiment data, the
Fiserv Small Business Index is derived from point-of-sale
transaction data, including card, cash, and check transactions
in-store and online across approximately 2 million U.S. small
businesses.
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.
FI-G
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version on businesswire.com: https://www.businesswire.com/news/home/20240605948523/en/
Media Relations: Chase Wallace Director, Communications
Fiserv, Inc. +1 470-481-2555 chase.wallace@fiserv.com Additional
Contact: Ann S. Cave Vice President, External Communications
Fiserv, Inc. +1 678-325-9435 ann.cave@fiserv.com
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