Fiserv Inc., a leading provider of payments and financial services technology, reported that its seasonally adjusted Small Business Index for October 2025 held steady at 148. Year-over-year small business sales increased by 1.5% and transactions rose 1.1%, marking the slowest annual sales growth rate since February 2025. Month-over-month, both sales and transactions edged up by 0.1%. However, when adjusted for inflation, small business sales declined 1.4% year over year, the steepest drop in the past eight months. Retail sales among small businesses grew 0.7% month over month and 0.6% year over year, with core retail sales showing stronger growth of 1.6% month over month and 2.6% year over year. Significant gains were seen in sporting goods (+3.0%) and clothing (+1.9%), attributed to early holiday shopping activity. Food and beverage (grocery) sales also increased by 1.4% month over month. Discretionary spending remained flat compared to September and rose just 0.2% year over year, while essential sales outpaced discretionary with a 2.5% year-over-year increase. Restaurant sales growth was modest at 0.1% year over year and declined by 0.3% month over month, with both full-service and limited-service restaurants experiencing drops in sales and foot traffic.