Summer pause: Small business sales growth tapers in June as consumers take a breather on spending

AP Business News

Small business sales growth slowed in June as consumers took a pause on spending. That’s according to new data from financial services and payments provider Fiserv. Consumers have been reining in spending as still high prices on groceries and other necessities and high interest rates weigh on their pocketbooks. Nationally, the seasonally adjusted Fiserv Small Business Index, which rates small business performance, for June declined to 140 in June from 144 in May. Month-over-month sales at small businesses dipped 2.9% from May, and transactions fell by 1.5%. However, sales and transaction rose compared to the same month a year ago.