Retail strength balances softer discretionary sales

The Fiserv Small Business Index held steady in October at 148.

Highlights:

• Overall sales grew +1.5% YoY but MoM growth was slower at +0.1%
• Retail sales grew +0.7% YoY and grew +0.6% MoM 
• Discretionary spending stalls, Essentials deliver most of the growth

Note: The Fiserv Small Business Index refreshes with updated data on the 2nd of each month.

Disclaimer: Small businesses are identified per the Small Business Administration definitions and extrapolated to reflect total U.S. sales and distribution. This report does not represent Fiserv financial performance.