Crossword Genius

Sharp decline in air traffic (8)

Ross

I believe the answer is:

nosedive

I'm a little stuck... Click here to teach me more about this clue!

'air traffic' is the definition.
Although both the answer and definition are verbs in their base form, I cannot understand how they can define each other.

'sharp decline' is the wordplay.
I cannot really see how this works, but
'sharp decline' could be 'dive' (I've seen this in another clue) and 'dive' is found in the answer.
The remaining letters 'nose' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).

'in' acts as a link.

Can you help me to learn more?

(Other definitions for nosedive that I've seen before include "sudden drop" , "fall precipitately" , "plummet" , "Take the plunge suddenly" , "(Make a) steep downward plunge" .)

I've seen this clue in The Globe and Mail.
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