WHAT IT MEANS?

People who use parachutes, especially those who jump from airplanes with parachutes as a sport, experience a period of time when they have jumped from the airplane, but the parachute has not yet opened, and that period of time is called freefall. Those who jump from airplanes wearing parachutes and who do it for a sport enjoy the time known as freefall.

the connotation as far as economic terms goes means a sharp plunge downward in the economy.

Tom Petty and Free Falling . . .

She's a good girl, loves her mama
Loves Jesus and America too
She's a good girl, crazy 'bout Elvis
Loves horses and her boyfriend too
It's a long day living in Reseda
There's a freeway runnin' through the yard
And I'm a bad boy cos I don't even miss herI'm a bad boy for breakin' her heart
And I'm free, free fallin'Yeah I'm free, free fallin'
All the vampires walkin' through the valley
Move west down Ventura Boulevard
And all the bad boys are standing in the shadows
All the good girls are home with broken hearts ...CHORUS
Free fallin', now I'm a, free fallin', now I'm aFree fallin', now I'm a, free fallin', now I'm a
I wanna glide down over Mulholland
I wanna write her name in the sky
Gonna free fall out into nothin'
Gonna leave this world for a while...CHORUS (with backing vocals) CHORUS (and backing vocals)
AGAIN

So it means descending fast, and unchecked.
The phrase is often used to describe monetary value, such as failing stocks or shares.