Fiserv Launches First-of-its-Kind Index to Measure U.S. Small Business Performance at National, State, and Industry Levels
January 09 2024 - 10:10AM
Business Wire
Fiserv Small Business Index aggregates consumer
spending activity across millions of U.S. small businesses, using
transactional sales data to gauge growth
Index will publish during the first week of
each month, providing timely insight into the prior month’s
activity
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology, today 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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240109986972/en/
Fiserv Small Business Index - December
2023 (Graphic: Business Wire)
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.
“Small businesses are the backbone of our economy,
generating 44% of U.S. gross domestic product and accounting for
almost half of all jobs in the country,” said Frank Bisignano,
Chairman, President and Chief Executive Officer of Fiserv. “With
the Fiserv Small Business Index we are delivering swift,
comprehensive and actionable intelligence based on consumer
spending activity, providing a reliable new signal of the
performance of 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 Small Business 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.
Fiserv Small Business Index: December 2023
According to the December 2023 Fiserv Small Business Index,
spending at small businesses ended the year with a modest upswing.
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.
“Small business sales gains in December reflected consumers’
priorities as the end of the year approached – food and drink,
retail and healthcare,” said Prasanna Dhore, Chief Data Officer at
Fiserv. “The biggest increases in small business spending came from
restaurants, clothing and related accessories, and ambulatory
healthcare services.”
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 Small Business Index for Retail in
December 2023 was 142, unchanged from November. Sales across the
Retail sector declined marginally month over month, down -0.3%, but
grew +1.6% year over year. The Clothing/Accessories/ Shoes/Jewelry
subsector performed especially well, with sales up +6.1% month over
month and +5% year over year.
Accessing the Fiserv Small Business Index
To access the Fiserv Small Business Index visit fiserv.com and
click on “Fiserv Small Business Index” or 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 one of
Fortune® World’s Most Admired Companies™. Visit fiserv.com and
follow on social media for more information and the latest company
news.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20240109986972/en/
Media Relations: Chase Wallace Director, Communications
Fiserv, Inc. +1 470-481-2555 chase.wallace@fiserv.com Additional
Contact: Ann S. Cave Vice President, External Communications
Fiserv, Inc. +1 678-325-9435 ann.cave@fiserv.com
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