Fiserv, Inc., a global provider of payments and financial services technology, released the Fiserv Small Business Index for February 2024 on Monday; the index's sectors, including trade contractors, retail, and services, each saw gains from the month prior. 

The February Fiserv Small Business Index results, published in a March 4 news release, measure the performance of small businesses in the United States at the national, state, and industry levels. Nationally, the seasonally adjusted Fiserv Small Business Index increased 3 points to 142. Small business sales grew 2.6 percent month over month and 6.6 percent year over year.

“Consumer spending accelerated through February, delivering a significant boost to small business sales,” said Prasanna Dhore, Chief Data Officer at Fiserv. “Small businesses in the Retail sector had a particularly strong month, with a high volume of foot traffic helping drive 3.7 percent month-over-month and 7.2% year-over-year sales growth.”

Specialty Trade Contractors

Specialty trade contractors, including carpentry and masonry, roofing, electrical, and heating and plumbing specialists, had a February index of 149, a 3-point increase over January. Month-over-month sales expanded by 2.3 percent. Growth compared to February 2023 was even more substantial, up 4.7 percent. 

Retail Spotlight

Retail small businesses delivered strong results in February, with an index of 149 reflecting a 6-point gain over January. Sales activity grew a seasonally adjusted 3.7 percent over January and 7.2 percent year-over-year. Sales growth was boosted by gains in foot traffic, with retail small business transaction numbers at a five-year high.

Additional Small Business Insights

Food services and drinking places had an impressive rebound in February, jumping 5 points over the previous month to an index of 127. The gains follow a lackluster January, which was impacted by harsh weather and the natural downshift from the holiday season. In February, small business customers devoted the biggest share of their wallets and incremental spending to this subsector. Spending was up 4.1 percent over January and 6.3 percent compared to the year prior.

The Fiserv Small Business Index is published during the first week of every month. Fiserv says its index is differentiated by its direct aggregation of consumer spending activity within the U.S. small business ecosystem. The Index derives from point-of-sale transaction data, including card, cash, and check in-store and online transactions across approximately 2 million small businesses nationwide.

To access the full Fiserv Small Business Index, visit