Shopping Guide Cos. Survey Pulls Back

Research evidence excerpt

September 10, 2026

Thematic Research & Company Surveys | Shopping Guide Cos. Survey

James Walsh

Oscar Sloterbeck

Shopping Guide Cos. Survey Pulls Back

▪ After steadily increasing from late June through early August, the Evercore ISI

Shopping Guide Cos. Survey pulled back in mid August before increasing last

week as holiday related advertisements provided a boost. This week the index

pulled back from 46.3 to 45.9 due to softer ad sales.

▪ Respondents continue to report many small businesses, auto dealers and

restaurants remain hesitant to purchase ad space in the current economic

environment, and while ad sales from real-estate agents are solid in many markets,

the current overall environment remains a challenge.

Evercore ISI Shopping Guide Cos. Survey

0= Weak 100=Strong Aug 46.2

U.S. Small Business Jobs Opening Index (NFIB)

Aug 35.2

60

54

55

52

50

45

40

48

35

46

30

44

42

2020

25

20

2021

2022

2023

2024

2025

2026