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Manufacturers say they will increase wages 3.5% and full-time employment 3.8% in the National Association of Manufacturers’ (NAM) Outlook Survey for the third quarter of 2021.

Those numbers are record rates in quarterly surveys by NAM dating back to 1997.

Additionally, manufacturers in the study said they expect to increase capital spending by 3.6% – the highest increase in the survey since 2018.

“Manufacturing activity remains robust, especially demand, with the U.S. and global economy continuing to rebound from the sizable declines in spring 2020,” the NAM report read. “Real GDP and manufacturing production now exceed pre-pandemic levels, which is encouraging.

“And yet, significant challenges remain, including supply chain disruptions, worker shortages and soaring costs.”

To see the full NAM third-quarter outlook report, click here.