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

FILE - A shop holds a sidewalk sale on Feb. 10, 2023, in Providence, R.I. Small business sales growth slowed in June, 2024, as consumers took a pause on spending. Recommended Videos

The slowdown from May was driven by lower average ticket sizes as inflation slowed and consumers became more budget conscious, according to Fiserv. Some of this tapering could be due to short-term seasonal demand shifts, however. Notable increases in June spending came from rising premiums for insurance, higher summer foot traffic and new subscription sign-ups at web-based content hosting sites. But consumers cut back on small business spending and visits across a number of industries, including retail, accommodations, restaurants, ambulatory health care and professional services.

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