The Institute for Supply Management released its Chicago purchasing managers' index on Tuesday. The index climbed to 49.4 in June from 46.2 in May, missing expectations for an increase to 50.1.

A reading above the 50 mark indicates expansion, a reading below 50 indicates contraction.

The rise was partly driven by an increase in new orders. The new orders index was up to 51.7 in May from 47.5 in May.

The production index jumped by 8.7% in June, while the employment index declined to its lowest level since November of 2009.