Fiserv Small Business Index reflects 1 point decline from February 2024
Sales of SMEs increased by +2.0% YoY, but decreased by -0.8% MoM.
MILWAUKEE, April 4, 2024–(BUSINESS WIRE)–Fiserv, Inc. (NYSE: FI), the world's leading payments and financial services technology provider, announces the Fiserv Small Business Index.™ The Fiserv Small Business Index measures the performance of small and medium-sized businesses in the United States at the national, state, and industry levels.
Nationally, the seasonally adjusted Fiserv Small Business Index fell 1 point to 141. Small business sales increased by +2.0% year-on-year but decreased by -0.8% month-on-month.
“Consumer spending fluctuated throughout March, with spring break travel boosting sales and the Easter holiday delaying the end as many small businesses closed at the end of the month,” said Prasanna Doerr, chief data officer at Fiserv. ” he said. “March was particularly bright for restaurants. SMEs in this subsector recorded an increase in spending of +4.0% compared to February 2023 and +5.8% compared to March 2023. From spending at small and medium-sized businesses to eating out, which accounted for the largest share. ”
retail spotlight
Nationally, small retailer sales were weak compared to February (-1.6%), but were well ahead of March 2023 (+5.1%). Part of the month-over-month slowdown can be attributed to the fact that many small businesses have chosen to close for the Easter holiday on March 31st. Sales slowed month-on-month in most subsectors of the retail sector, but all subsectors outperformed his 2023 performance. Clothing, accessories, footwear and jewelry were the best performing retail subsectors, posting +0.4% growth compared to February.
Additional insights for small businesses
Spring break travel and celebrations also contributed to strong sales growth in the lodging subsector, which includes hotels and short-term vacation rentals, which grew +3.5% month over month, and the entertainment, gambling, and recreation industry subsector grew +4.1% . +10.5% compared to the previous month and the same month last year.
The most active small business subsector in March was food manufacturing, with the index rising nine points to 175. Sales of small and medium-sized enterprises in this subsector increased by +5.2% from February 2024 and by +14.0% compared to 2023.
Other growth subsectors in March included web search portals, libraries, archives, and other information services (+5.6% m/m, +16.1% y/y) and personal and laundry services (+3.1% m/m). included. – Performing Arts, Spectator Sports, and Related Industries (+2.3% m/m, +1.8% y/y).
About Fiserv Small Business Index™
The Fiserv Small Business Index is published the first week of each month and is distinguished by its direct aggregation of consumer spending activity within the U.S. small business ecosystem. Rather than relying on surveys or sentiment data, the Fiserv Small Business Index is calculated based on point-of-sale transaction data, including in-store and online card, cash, and check transactions for approximately 2 million small businesses in the United States. It has been.
The Fiserv Small Business Index provides numbers measuring consumer spending and a transaction index measuring customer traffic, with 2019 as the base year. Through a simple interface, users can access regional, state, and industry data categorized by the North American Industry Classification System (NAICS). Calculating monthly indices for 16 sectors and 34 subsectors, the Fiserv Small Business Index provides a timely, reliable and consistent measure of small business performance, even in industries dominated by large corporations.
To access the complete Fiserv Small Business Index, visit fiserv.com and click “Fiserv Small Business Index” or visit fiserv.com/FiservSmallBusinessIndex.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aims to move money and information in ways that move the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class outcomes through a commitment to innovation and excellence in areas such as account processing and digital banking solutions. Card issuer processing and network services. payment. e-commerce. Merchant Acquisition and Processing. Clover® is his cloud-based POS 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 nine of the past 10 years. For more information and the latest company news, visit fiserv.com and follow us on social media.
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