A Record Month for Raises

NFIB survey shows small firms raising compensation to attract and retain talent.

Few Americans would say that they’re actually sick of winning, but you can add one more positive report to the recent run of upbeat readings on the nation’s economy. The latest monthly survey from the National Federation of Independent Business finds widespread raises as small firms try to attract and retain talent in a historically tight labor market.

NFIB Chief Economist William Dunkelberg says that a record 37% of small businesses in September “reported raising overall compensation in hopes of hiring and retaining needed...