Crain’s Chicago Business (06/23/14) Claire Bushey

DHR International has reached an agreement to acquire 17 office locations and 250 employees from CTPartners Executive Search. DHR will buy the assets from CTPartners’ lenders. Chicago-based DHR had U.S. revenues of $170 million, according to Crain’s Chicago Business.

Wall Street Journal (06/24/15) Eric Morath; Kate Davidson

The economic slowdown earlier this year was not as drastic as previously estimated, according to revised data from the U.S. Department of Commerce. Gross domestic product shrank at a 0.2% seasonally adjusted annual rate in the first quarter; the agency previously estimated GDP contracted 0.7% in the quarter. Economists polled by the Wall Street Journal had forecast a 0.2% decline.

Consumer spending was stronger than previously estimated and companies stocked up more inventory, the data indicate. Despite the good news, the latest reading is the fifth time during the six-year economic recovery that the economy did not achieve at least a 1.0% growth rate for a quarter.

Still, underlying data suggest the economy may grow later this year. Consumer spending grew at a revised 2.1% rate in the first quarter, up from the previous estimate of 1.8%. Officials with the U.S. Federal Reserve forecast the economy will grow between 1.8% and 2.0% this year, according to projections released earlier this month, although that would be a slowdown from the 2014 rate.

Bloomberg (06/24/15) Claire Boston

Ikea Group plans to increase its U.S. hourly minimum wage by 10% to $11.87, effective Jan. 1. The retailer hopes the increase will keep employees from moving to other merchants that have recently increased pay.

Federal Reserve Bank of Richmond (06/23/15)

Manufacturing activity grew modestly in June, according to the most recent survey by the Federal Reserve Bank of Richmond. The composite index rose to a reading of 6 from last month’s reading of 1. Shipments remained flat, while the index for new orders advanced nine points, reaching a reading of 11.

Manufacturing hiring continued to grow at a modest pace this month. The indicator gained one point to finish at a reading of 4 in June. The average workweek grew on pace with last month; the index moved down one point to end at 5. Average wages rose nearly on pace with a month ago; the index lost three points to finish at a reading of 17. Manufacturers expect to increase hiring in the next six months.