Fiserv, Inc. launched the Fiserv Small Business Index?, a first-of-its-kind indicator for assessing the performance of small businesses in the United States at national, state, and industry levels. The Fiserv Small Business Index will be published during the first week of every month, delivering deeper insights more rapidly than existing measurements and empowering users to respond to emerging trends. The index is 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. Each month, the Fiserv Small Business index will provide information and analysis to help business owners, lenders, policymakers, economists, analysts and investors quickly understand the trajectory of certain sectors within the small business ecosystem, benchmark sales performance, make well-informed decisions, and adapt to an ever-changing market. 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 SmallBusiness Index is positioned to become a standard reference point for the state of small business, providing a timely, reliable and consistent measure of small business performance even in industries where large businesses dominate. According to the December 2023 Fiserv Small Business Index, spending at small businesses ended the year with a mild up swing.

Spending advanced one point in December 2023 with an index of 138, a +0.6% month-over-month increase from November and a +2.6% year-over-year increase compared to December 2022. Food Services and drinking Places had a very strong December with a six-point gain over November, up to 128, with sales growing +4.9% compared to November and +3.1% compared to December 2022. Customer visits were also on the rise, with transaction growth up roughly +2.0% month over month and year over year.

Nationally, the Fiserv Smallbusiness Index for Retail in December 2023 was 142, unchanged from November. Sales across the Retail sector declined slightly month over month, down -0.3%, but grew +1.6% year over year. The Cl clothing/Accessories/Accessories/Shoes/Jewelelry subsector performed especially well, with sales up +6.1% month over month and +5% year over year.