Fiserv: Small business sales see year-over-year gains in October

The seasonally adjusted Fiserv Small Business Index increased six points to 147 in October.

Retail led the way for small business sales in October, which increased 7% compared to last year.

That’s according to Fiserv’s Small Business Index for October 2024, which shows that small business sales (+7.1%) and total transactions (+8.8%) grew compared to 2023. Month-over-month sales (+3.7%) and transactions (+3.0%) also rose significantly compared to September.

The seasonally adjusted Fiserv Small Business Index increased six points to 147, marking one of the largest monthly gains and the highest overall Index value since the baseline period of January 2019.

Nationally, the Fiserv Small Business Index for retail trade was 150, a five-point increase from September. Year-over-year sales (+5.8%) and transactions (+9.2%) grew as average ticket sizes (-3.3%) continued to decline. The fastest growing retail categories year-over-year were general merchandise (+11.4%), food and beverage (+8.4%), furniture (+7.8%) and health and personal care (+6.8%).

[READ MORE: Survey: Consumers value shopping local]

On a monthly basis, retail sales (+3.6%) rebounded after a slight dip in September, while transactions also grew (+3.1%). The strongest month-over-month gains were seen within food and beverage (+3.2%), building materials (+4.2%), furniture (+4.3%) and health and personal care (+5.4%).