The number of small companies raising wages hit a record high in the U.S. this month. That’s according to the latest National Federation of Independent Business employment survey, due out later today. A full 35% of owners of small firms report increasing labor compensation, the highest percentage since NFIB started asking about it in 1986.

Companies have been looking to increase hiring and are paying more to attract scarce workers. “Reports of employment gains remain strong among small businesses. Owners reported adding a...