It suggests that business confidence is now at a three year low, whilst consumer confidence is now slumped to its worst level in five years. All told, business expectations are now at a low not seen since 1993, when Germany was experiencing its worst recession for two decades.
Back in June, we noted that German truck order intake was decelerating ahead of the Ifo figures, suggesting that the German truck buyer was even more pessimistic than his commercial peers. Given that truck order intake tends to mirror Ifo confidence from above, this reversal of the line was - and remains - noteworthy.
With Germany now firmly on the slide, concerns about France, well documented problems in Spain, the UK and Ireland, there isn't a whole lot left of Europe in which to have much confidence going forwards. If truck order intake does fall by 60 per cent across the region - and it does now seem to be heading in that direction - then we can only wait and watch the ensuing carnage. Unlike Paccar, we do not see the Eastern European cavalry riding in to rescue this situation. Nor do we see Russia doing much to save the day.
In sum, some very fundamental, and extremely painful adjustments would seem to lie ahead.