Small Business Sales Growth Slows in May as Foot Traffic Declines for Seventh Straight Month

Event summary

  • Fiserv's Small Business Index for May 2026 shows U.S. small business sales grew +0.7% year-over-year, driven by +3.1% higher average ticket sizes amid persistent cost pressures.
  • Consumer foot traffic declined -2.4% year-over-year, marking the seventh consecutive month of declining foot traffic.
  • Restaurant sales fell -0.6% year-over-year, with limited-service restaurants down -3.4% and full-service restaurants up +1.5%.
  • Gas station sales surged +22.9% year-over-year due to higher fuel costs, impacting multiple service segments.
  • Retail sales remained stable with +0.1% year-over-year growth, but transactions softened -0.6% month-over-month.

The big picture

Fiserv's data highlights a continuing trend of stable sales growth driven by higher prices rather than increased consumer activity. This reflects broader economic pressures as households adjust to rising costs. The divergence between goods and services sectors, along with the impact of fuel prices, underscores the complex dynamics shaping the small business economy. The detailed classification of the Fiserv Small Business Index provides precise insights into these trends, allowing for targeted analysis of industry-specific challenges and opportunities.

What we're watching

Consumer Behavior Shifts
How persistent cost pressures will continue to impact consumer spending patterns and foot traffic trends.
Sector-Specific Performance
Whether full-service restaurants can sustain their relative strength amid broader industry declines.
Economic Indicators
The pace at which rising fuel costs will affect other service segments beyond gas stations.