- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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Fiserv Small Business Index for April 2024
Fiserv has published the Fiserv Small Business Index for April 2024, revealing positive trends in small business sales. The seasonally adjusted Fiserv Small Business Index increased by 4 points to reach 145. This growth was fueled by a 5.6% year-over-year increase in small business sales, as well as a 2.2% month-over-month increase.
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Retail rebounds from March, household-related subsectors lead the way
In April, small business retail sales bounced back from a slow March, with a 1.6% month-over-month increase and a strong 7.7% year-over-year growth. Various retail subsectors experienced significant month-over-month sales boosts, including furniture (+4.9%), building materials (+3.8%), motor vehicle parts (+4.4%), and gas stations (+3.1%). These positive trends were also reflected in the year-over-year sales trajectory.
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Service-based business spending grows across sectors
Consumer spending priorities shifted towards service-based businesses in April, with notable increases in Professional, Scientific, and Technical Services. These sectors saw a 7.0% month-over-month growth and a significant 16.4% year-over-year increase. The demand for bookkeeping, accounting, and other related services surged due to the IRS tax filing deadline, while construction projects drove the need for architectural, engineering, and surveying services.
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Consumers back off discretionary spending
Despite the overall positive trends, some small businesses faced challenges in April as consumers reduced their discretionary spending. Businesses in sectors such as restaurants, travel, recreational activities, and clothing retail experienced lower sales compared to previous months.
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Fiserv Small Business Index
The Fiserv Small Business Index provides valuable insights into consumer spending trends within the US small business ecosystem. By analyzing point-of-sale transaction data from approximately 2 million small businesses, the index offers a direct and accurate assessment of economic activity.
Utilizing the AI legalese decoder, small business owners can extract actionable insights from the Fiserv Small Business Index with ease. By simplifying complex legal terminology and financial concepts, the decoder empowers businesses to make informed decisions and drive growth in an increasingly competitive market.
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