Fiserv Small Business Index Monthly Summary May 2025

Small business affected by lingering uncertainty.

The Fiserv Small Business Index was steady in May at 151

Highlights:

• Small business retail sales declined MoM (-1.0%) but grew YoY (+0.9%); most retail subsectors grew compared to last year
• Restaurants saw a drop in foot traffic (-5.6%) compared to April, even as overall sales grew +0.6%
• Nondiscretionary sales growth (+4.7%) significantly outpaced discretionary sales (1.8%) on a year-over-year basis

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. The Fiserv Small Business Index does not represent Fiserv financial performance.