Richmond Fed index plunges

WASHINGTON (MarketWatch)
The performance of manufacturers in the upper Southeast and mid-Atlantic softened considerably in July, the Richmond Federal Reserve said
The bank's index of manufacturing conditions sank to -11 from 7 in June, as new orders and shipments both fell sharply
The Richmond Fed's new orders index dropped to -15 from 9 and shipments plunged 26 points to -15
The gauge for employment remained at zero for the second straight month