Fiserv Introduces Revolutionary Small Business Index Using Real-Time Transaction Data to Track Economic Pulse

In a significant move to provide deeper market intelligence, Fiserv has unveiled the Fiserv Small Business Index, a groundbreaking measurement system that monitors the health of America’s small business sector through actual consumer spending patterns. Unlike traditional survey-based approaches, this index draws from real transaction activity across roughly 2 million independent U.S. small businesses.

What Makes This Index Different

The Fiserv Small Business Index stands apart by aggregating genuine point-of-sale transactions—encompassing card payments, cash, and check transactions both in physical stores and online—rather than relying on sentiment or survey responses. Published monthly during the first week, the index covers 16 primary sectors and 34 sub-sectors, tracked through the North American Industry Classification System (NAICS) framework. This allows stakeholders to access spending data by geographic region, state, or business category through an intuitive dashboard.

“Small businesses generate 44% of U.S. gross domestic product and represent nearly half of all employment,” noted Frank Bisignano, Fiserv’s Chairman, President and Chief Executive Officer. “This index delivers swift, comprehensive intelligence based on real consumer spending behavior, creating a dependable indicator of small business trajectory.”

December 2023 Performance Snapshot

The initial Fiserv Small Business Index reading from December 2023 revealed a measured uptick in spending activity. The index reached 138, reflecting a +0.6% month-over-month gain from November and a +2.6% year-over-year comparison to December 2022—signaling consumer resilience heading into 2024.

The restaurant and food service sector emerged as the strongest performer, climbing six points to 128 and posting +4.9% monthly growth alongside +3.1% annual gains. Transaction volume in dining establishments increased approximately +2.0% both month-over-month and year-over-year, indicating both rising sales and foot traffic.

Retail maintained its November level at 142, with sector-wide sales dipping slightly (-0.3%) month-over-month despite +1.6% annual growth. However, the clothing, accessories, shoes and jewelry subsector demonstrated exceptional strength, advancing +6.1% from the prior month and +5% year-over-year.

“December spending reflected consumer priorities as the year ended—food, retail selections, and healthcare services drove the largest gains,” explained Prasanna Dhore, Chief Data Officer at Fiserv. “Restaurants, apparel retailers, and healthcare providers captured the strongest momentum.”

Practical Applications for Market Participants

Business owners, financial lenders, policymakers, economists, investment analysts and investors can now access a consistent, timely benchmark for understanding small business performance across specific sectors and regions. Benchmarked to 2019 as a baseline, the Fiserv Small Business Index combines a consumer spending measurement with a separate transaction index tracking customer frequency—enabling stakeholders to distinguish between pricing effects and volume changes.

This standardized reference point addresses a notable gap in economic data, particularly for industries dominated by large corporations but significantly influenced by small business activity. The ability to monitor monthly shifts positions decision-makers to adapt strategies and investments more responsively to emerging market conditions.

The Fiserv Small Business Index is accessible at fiserv.com through a dedicated portal, offering users the ability to query data across multiple dimensions and timeframes.