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Small business sales growth slowed in June as consumers took a pause on spending.
That’s according to new data from financial services and payments provider Fiserv.
Consumers have been reining in spending as high prices on groceries and other necessities and high interest rates weigh on their pocketbooks. The Commerce Department reported Tuesday that sales for retailers of all sizes were flat in June from May.
Nationally, the seasonally adjusted Fiserv Small Business Index, which rates small business performance, declined to 140 in June from 144 in May. Month-over-month sales at small businesses dipped 2.9% from May, and transactions fell by 1.5%. But sales and transactions rose compared to June 2023.
The slowdown from May was driven by lower average ticket sizes as inflation slowed and consumers became more budget conscious, according to Fiserv.
Click here for full story from WTOP and the Associated Press
