The Fiserv Small Business Index – small businesses maintained steady sales growth
According to the Fiserv Small Business Index, small businesses have experienced consistent growth in sales. The index reveals a year-over-year increase of 1.7%, indicating a positive trend in the small business sector.
In terms of specific industries, the Professional, Scientific, and Technical Services sector has shown notable growth compared to the previous months of December and January 2023. This suggests that businesses in this field have experienced increased demand and improved performance.
Additionally, the retail sector has performed exceptionally well, with a January index of 143, marking a 1-point increase from December. This growth is attributed to various factors, including consumer spending on building materials, health and personal care products, and general merchandise. Retail sales have seen a month-over-month increase of 0.7% and a year-over-year growth of 1.9%. Furthermore, retail foot traffic has also risen by 4.2% compared to the previous year.
These findings from the Fiserv Small Business Index highlight the positive trajectory of small businesses, particularly in the retail and professional services sectors.
