Detroit City Wire

There is increased optimism in the October Small Business Outlook, which indicates that small business profits are expected to rise alongside increased revenues in the coming months. Concerns about inflation appear to have eased, although small businesses remain worried about high prices and their impact on growth plans.

Month-over-month sales at small businesses in September were flat at 0.1% compared to August. However, year-over-year sales grew by 1.8% compared to September 2023.

Spending increases in September were noted in general merchandise, food and beverage retailers, food manufacturing, and professional scientific and technical services. Specialty trade contractors, educational services, and healthcare services also performed well during this period. On the other hand, spending decreases were attributed mainly to slower foot traffic affecting restaurants and bars, gas stations, and motor vehicle dealers.

For more detailed information on this data, refer to the Fiserv Small Business Index published on October 3, 2024.