Small-Business Sales Drop in June as Customers Cut Back Spending

Sales at small businesses declined in June from the previous month as high prices forced consumers to scale down spending on goods and services, according to a report by fintech company Fiserv. The Fiserv Small Business Index, which measures the performance of small businesses in the United States, declined by four points last month, to 140, from May, according to a July 8 statement. While small-business sales and transactions grew on a yearly basis, these metrics slowed down month over month, suggesting the pace of growth is slowing down. Out of the 34 subsectors in the index, food services and drinking places saw the highest sales volume, followed by specialty trade contractors and professional, scientific, and technical services. All three subsectors saw sales and transactions decline in June....