Nov. 2025 Small Business Data Outlook: Concerns Rising Heading Into Holidays

Summary: Revenue for the nation’s smallest businesses has generally been trending downward since April of this year.

• Average revenue growth for small businesses with 1-9 employees rose 0.51% in September and small businesses in New England experienced the highest month-to-month increase (2.63%).
• Small businesses in the Southwest had the highest average revenue in September ($49,530) and small businesses in New England benefitted from returning college students to achieve the largest month-to-month revenue increase of the 8 regions in September ($170).

Learn more about this data from the Intuit QuickBooks Small Business Index, published on Nov. 6, 2025.

Summary: Consumer spending is starting to slow, making Main Street shop owners nervous leading up to the holidays.

• Month-over-month sales at small businesses in October held steady (+0.1% change) and year-over-year sales at small businesses rose 1.5% compared to October 2024.

Learn more about this data from the Fiserv October Small Business Index, published on Nov. 3, 2025.