That means freefall.

German manufacturing reports industry ‘in freefall’ – Key survey points to weakest sentiment in nine years.

The Ifo Institute’s manufacturing business climate index slumped to minus 4.3 in July from positive 1.3 the previous month. The reading was the lowest in more than nine years and echoes a separate survey released on Wednesday that pointed to mounting troubles in Europe’s powerhouse economy.

“No improvement is expected in the short term, as businesses are looking ahead to the next six months with more pessimism.”