"Two-speed recovery": Agriculture leads the way in small business sales while retail trails behind
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Farming is powering strong small business sales growth.
A Xero Small Business Insights report reveals an 8.6% year on year increase in sales in the June quarter.
Agriculture saw a 16.3% increase, construction climbed 11%, and manufacturing rose 8.6% during the same time period.
Country Manager Bridget Snelling told Mike Hosking it is a bit of a two-speed recovery, with retail only growing by 6.4%.
She says there’s some ongoing uncertainty around fuel costs and geopolitical events which will continue to influence small businesses when it comes to hiring and investment decisions.
Plus, Snelling told Hosking, consumers are still going to be a bit circumspect with their discretionary spend heading towards the election.
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