Chicago PMI unexpectedly jumps in June (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The Chicago PMI unexpectedly increased in June, climbing to a 61.1% reading compared to a 56.6% reading in May. Economists polled by MarketWatch expected the gauge to fall to a 55.0% reading, as the indicator recedes from the strong 70.6% level in March. ISM-Chicago said the June report "lacks decisive direction" because three of the subindexes rose while four fell. Any reading over 50% indicates expansion. The Chicago PMI is closely followed because the national Institute for Supply Management manufacturing index is released on Friday.