Small business spending increased in July, led by general merchandise and health/personal care products, while restaurant sales dipped.
Small business spending increased in July, driven by strong sales of general merchandise and health and personal care products. The Fiserv Small Business Index rose by 1 point to 141, indicating a rebound for many small businesses. Retail spending increased by 4.6%, with general merchandise seeing the most significant growth at 10.9%. Health and personal care products also experienced an 8.6% increase. Despite the growth in these categories, restaurant sales saw a slight dip of 1.6% in July, despite an increase in foot traffic. The average check size for restaurant customers also decreased by 2.4%.
August 13, 2024
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