Fiserv Small Business Index Monthly Overview July 2025

This document is a monthly overview report for July 2025, detailing the Fiserv Small Business Index. It presents a comprehensive analysis of small business sales trends, highlighting a month-over-month (MoM) sales growth of 1.0% and a year-over-year (YoY) increase of 3.6%. The report indicates that while consumers spent more, transaction volumes remained nearly flat, suggesting that higher spending was driven by increased average ticket sizes rather than increased shopping frequency. The report also notes that essential goods outpaced discretionary spending, with essentials showing a YoY growth of 6.1%. Additionally, it discusses the performance of various sectors, including a decline in restaurant visits, which reflects consumer caution. The report includes detailed metrics and figures, illustrating trends in sales and transactions across different retail categories and sectors, providing valuable insights into the current state of small businesses in the U.S.