The Fiserv Small Business Index, a key measure of consumer spending in the U.S. small business ecosystem, reported significant growth in October. The index rose six points to 147, the highest value since its 2019 baseline. Year-over-year, small business sales increased by 7.1%, while transactions grew by 8.8%. Monthly gains were also strong, with sales up 3.7% and transactions increasing 3.0% compared to September. Retail trade, a significant sector, saw its index rise to 150, with year-over-year sales growing by 5.8%. Notable gains were observed in categories such as general merchandise (+11.4%), food and beverage (+8.4%), and health and personal care (+6.8%). Foot traffic was a major driver of these gains, while average ticket sizes continued to decline, reflecting lower inflationary pressures.
Service-based small businesses also experienced year-over-year sales growth (+7.4%) alongside a 4.0% monthly increase. Regional trends showed robust performance across all 50 states, with Delaware and Michigan leading month-over-month growth. Major cities such as Philadelphia (+5.6%) and Atlanta (+5.1%) showed strong sales momentum. The Fiserv Index, derived from transaction data rather than surveys, provides a detailed, timely view of small business performance across 16 sectors.
