In April 2024, small businesses reported a 5.6% year-over-year (YoY) growth in sales and a 2.2% month-over-month (MoM) increase, according to the Fiserv Small Business Index. The seasonally adjusted index saw a four-point increase to 145, indicating that small businesses are experiencing positive growth.
Small business retailers experienced a particularly strong growth in sales, with a 1.6% MoM increase and a significant 7.7% YoY increase. Various retail subsectors, including Furniture, Building Materials, Motor Vehicle Parts, and Gas Stations, all saw strong MoM increases from March to April.
Consumer spending patterns shifted significantly in April as well, with service-based business spending offsetting a slowdown in discretionary spending. Professional services like tax preparation experienced a 7.0% increase over March and a substantial 16.4% YoY growth due to the IRS tax filing deadline demand for bookkeeping, accounting and other related business services surged due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to the IRS tax filing deadline demand for bookkeeping and accounting services surge due to