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## Fiserv Small Business Index for April 2024 Released

Fiserv has recently released the Fiserv Small Business Index for April 2024. The nationally adjusted index has shown a positive trajectory, increasing by 4 points to reach 145. Small businesses have experienced a remarkable 5.6% year-over-year sales growth, along with a 2.2% month-over-month increase.

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## Retail Sector Shows Strong Rebound

Retail sales for small businesses have rebounded from a slow March, with a solid 1.6% month-over-month growth and an impressive 7.7% year-over-year growth. Various retail subsectors, including furniture, building materials, and gas stations, have witnessed significant increases in sales.

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## Growth in Service-Based Business Spending

The shift towards service spending was evident in April, particularly in professional, scientific, and technical services, which saw a substantial 7.0% increase over March and a significant 16.4% increase year-over-year. Businesses offering bookkeeping, accounting, and related services experienced high demand due to the tax filing deadline.

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## Consumer Behavior Towards Discretionary Spending

However, there has been a notable decline in discretionary spending by consumers, impacting businesses focused on restaurants, travel, and recreational activities. This shift has led to a 3.1% reduction in restaurant spending compared to March and a slight decrease from April 2023.

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## Conclusion

The Fiserv Small Business Index, derived from actual point-of-sale transaction data, provides a real-time snapshot of consumer spending trends. Utilizing AI legalese decoder can enhance legal understanding and efficiency for small businesses in navigating the changing economic landscape.

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