The monthly index of consumer spending at small businesses from Fiserv, Inc. indicates steady short-term expansion, with both nominal sales and transaction volume increasing. Annually, growth trends continue to reflect the ongoing impact of inflation.
The seasonally adjusted Index increased to 145. Sales rose (+2.4%) year over year and (+0.8%) month over month. Small business growth remained driven by higher average tickets, which increased (+3.7%) compared to 2025. Throughout June, the pace of growth for some sectors, such as retail, reflected a more balanced mix of pricing and activity compared with May. Transactions continued their year-over-year downward trend (-1.3%), but improved (+0.5%) month over month, signaling some stabilization in consumer activity.
“Small business spending in June was driven by a healthier balance between pricing gains and consumer activity,” says Prasanna Dhore, chief data officer, Fiserv. “Persistent inflation continues to shape spending behavior across both essential and discretionary categories, but the retail bounce and shift to goods spending suggest resilience.”
Key takeaways:
· Total retail sales increased (+3.0%) year-over-year and (+1.5%) month-over-month, an improvement from May’s softer performance. Growth was supported by both transactions (1.8% month over month, +2.7% year over year) and modest price gains, indicating more balanced demand.
· Food and beverage retailers stabilized after prior declines, while other retail categories, such as clothing showed improvements, driven primarily by increasing foot traffic.
· Restaurant sales edged up (+0.2%) year-over-year, an improvement from last month’s falling sales. June’s growth remained driven by higher average tickets, which increased (+3.3%) year-over-year. Foot traffic continued its decline, falling (-3.1%) year-over-year, though the decrease in transactions slowed from the previous month. Limited-service restaurants continued to lag previous years, while full-service performance remained comparatively steady, supported by stable demand and pricing.
· Sales at gasoline stations increased (+15.3%) year-over-year, but declined (-4.7%) month-over-month, with average tickets falling (-3.2%) compared to May, providing consumers some much-needed relief at the pump. Despite easing prices, transaction activity declined both month-over-month (-1.4%) and year-over-year (-1.5%), reflecting lower demand in June.
