Fiserv Small Business Index rose six points to 147 in October
Small business sales grew 7.1% year over year, and 3.7% month over month; transactions grew 8.8% year over year, and 3.0% 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 October 2024.
“The Fiserv Small Business Index delivers a timely and detailed look at the way consumers are spending at small businesses,” said Jennifer LaClair, Head of Merchant Solutions at Fiserv. “This month’s index shows that consumer spending was strong in October, with healthy increases to both total sales and foot traffic, a welcome sign for small businesses as they head deeper into the holiday season.”
Nationally, the seasonally adjusted Fiserv Small Business Index increased six points to 147, marking one of the largest monthly gains and the highest overall Index value since the baseline period of January 2019. On a year-over-year basis, small business sales (+7.1%) and total transactions (+8.8%) grew compared to 2023. Month-over-month sales (+3.7%) and transactions (+3.0%) also rose significantly compared to September.
“Enthusiastic consumer spending was seen throughout small business categories in October, with growth across both goods and services, and discretionary and non-discretionary spend,” said Prasanna Dhore, Chief Data Officer at Fiserv. “Notably, retail sales surged in October. Strong consumer foot traffic combined with less inflation resulted in every retail subsector showing sales growth.”
