Fiserv Small Business Index™ for February 2024: Small Business Sales Leap on Strong Consumer Spending
March 04 2024 - 8:30AM
Business Wire
Fiserv Small Business Index increases to
142, up 3 points from January 2024
Small business sales grew +2.6%
month-over-month and +6.6% year-over-year
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology, has published the Fiserv Small
Business Index™ for February 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.
Nationally, the seasonally adjusted Fiserv Small Business Index
increased 3 points to 142. Small business sales grew +2.6%
month-over-month and +6.6% year-over-year.
“Consumer spending accelerated through February, delivering a
significant boost to small business sales,” said Prasanna Dhore,
Chief Data Officer at Fiserv. “Small businesses in the Retail
sector had a particularly strong month, with a high volume of foot
traffic helping drive 3.7% month-over-month and 7.2% year-over-year
sales growth. We also saw spending at Food Services and Drinking
Places rebound after a lackluster January, with sales up 4.1%
month-over-month.”
Retail Spotlight
Retail small businesses delivered strong results in February,
with an index of 149, reflecting a +6 point gain over January.
Sales activity grew a seasonally adjusted +3.7% over January and
+7.2% year-over-year. Sales growth was boosted by gains in foot
traffic, with retail small business transaction numbers at a five
year high.
Additional Small Business Insights
Food Services and Drinking Places had an impressive rebound in
February, jumping +5 points over the previous month to an index of
127. The gains follow a lackluster January, which was impacted by
harsh weather in addition to the natural downshift from the holiday
season. In February, small business customers devoted the biggest
share of their wallets and their incremental spend to this
subsector. Spending was up +4.1% over January and +6.3% compared to
last year.
Specialty Trade Contractors had a February index of 149, a +3
point increase over January. Month-over-month sales expanded by
+2.3%. Growth compared to February 2023 was even more substantial,
up +4.7%. The Specialty Trade Contractors subsector includes
service providers, such as carpentry and masonry, roofing,
electrical, and heating and plumbing specialists.
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
and click on “Fiserv Small Business Index” or 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.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20240304340002/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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