Fiserv Small Business Index™ for June 2024: Small Business Sales Slow as Consumers Pull Back
08 7월 2024 - 9:30PM
Business Wire
Fiserv Small Business Index declines to 140
Small business sales grew 1.6% year-over-year,
and declined 2.9% month-over-month
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology, has published the Fiserv Small
Business Index™ for June 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.
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June 2024 Fiserv Small Business Index Map
(Graphic: Business Wire)
“The Fiserv Small Business Index provides timely insight into
small business performance well ahead of other economic
indicators,” said Jennifer LaClair, Head of Merchant Solutions at
Fiserv. “As consumers adjust their spending patterns, our ability
to understand the impact on small businesses helps us work across
our ecosystem to better support clients through a changing economic
landscape.”
Nationally, the seasonally adjusted Fiserv Small Business Index
for June declined to 140. On a year-over-year basis, both small
business sales (+1.6%) and transactions (+4.4%) grew compared to
June 2023, though the pace of growth is slowing. This is reflected
in declines of small business sales (-2.9%) and transactions
(-1.5%) month-over-month.
“As the quarter came to a close, consumers throttled back both
spending and foot traffic across retail, restaurants and other
service-based businesses,” said Prasanna Dhore, Chief Data Officer
at Fiserv. “The slowdown was driven by a combination of lower
average ticket sizes—the result of abating inflation and
budget-conscious consumers—and a series of short-term seasonal
demand shifts.”
Retail
Nationally, small business retail sales indexed at 142 in June,
which reflects growth in year-over-year sales (+2.4%) and
transactions (+7.0%) as consumers spent ahead of their 2023 pace.
General Merchandise (+8.5%) outpaced all retail subsectors in
yearly growth, followed by Gasoline Stations (+2.8%) and Health and
Personal Care (+2.8%). Motor Vehicle and Parts Dealers (-4.1%) and
Furniture/Electronics/Appliance Retailers (-1.2%) saw total sales
decline year-over-year.
On a monthly basis, the impact was more significant as consumers
sought deals and pulled-back on discretionary purchases, with
month-over-month sales (-3.3%) and transactions (-0.8%) both
trending downward. General Merchandise (+0.3%) was the only retail
category to grow total sales from May to June. Gasoline Stations
(-4.5%), Motor Vehicle and Parts Dealers (-5.9%), and Health and
Personal Care (-7.2%) saw the sharpest declines month-over-month.
Wholesale Trade, which tracks closely to Retail outcomes, also
experienced a monthly slowdown (-4.0%).
Restaurant and Food Categories
Small business restaurant sales (+3.6%) and transactions (+2.3%)
continue to grow year-over-year, though growth is also slowing.
Average ticket sizes at small restaurants grew (+1.3%). Food and
Beverage stores (which includes grocery) grew sales (+4.6%) and
transactions (+8.1%) year-over-year.
Month-over-month, total restaurant sales (-1.2%) and
transactions (-1.9%) declined. Average ticket sizes at restaurants
were up slightly (+0.7%) from May, potentially signaling that
rising food prices are dissuading spending. Unlike May, there was
no evidence that consumers shifted typical restaurant spending to
other food categories, such as grocery, which also softened (-0.3%)
month-over-month.
Other Industry Movers
- Professional, Scientific, and Technical Services are seeing
growth in sales (+9.0%) and transactions (+7.7%) year-over-year.
Month-over-month sales declined (-2.9%) from May, although
transactions were mostly flat (-0.3%).
- Specialty Trade Contractors grew sales (+1.6%) and transactions
(+3.8%) year-over-year. Month-over-month sales (-2.1%) and
transactions (-2.8%) tapered off as demand for general carpentry
and light construction cooled.
- Additional strong year-over-year growth categories included Web
Search Portals, Libraries and Related Services (+22.9%) and
Amusement/Gambling/Recreation (+13.4%); the sharpest annual
declines were in Real Estate (-14.2%) and Transportation Equipment
Manufacturing (-14.0%).
- Web Search Portals, Libraries and Related Services (+2.4%),
Amusement/Recreation/Gambling (+1.5%), and Insurance (+1.4%) were
the fastest growing categories month-over-month. Spending slowed
most in Truck Transportation (-8.9%) compared to May.
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/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.
FI-G
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version on businesswire.com: https://www.businesswire.com/news/home/20240708304470/en/
Media Relations: Chase Wallace Director, Communications
Fiserv, Inc. +1 470-481-2555 chase.wallace@fiserv.com
Fiserv (NYSE:FI)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Fiserv (NYSE:FI)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024