This is a measure of the market's expectation for earnings growth based on the current share price, current earnings and an assumed hurdle rate.
Hurdle - (earnings / share price)
A lower implied growth is better and it can be negative. This occurs when the current earnings yield is greater than the hurdle rate. For example, if the earnings yield is 11% and the hurdle rate is 10%, the implied growth is -1%.
A typical implied growth range is between -10% and 10%. Values outside that range usually indicate an accounting anomaly, or a significant change in the businesses's fundamentals since the last reporting date and deserve further investigation.