Noun
The act of receding or withdrawing, as from a place, a claim, or a demand.
The act of ceding back; restoration; repeated cession; as, the recession of conquered territory to its former sovereign.
Source: Webster's dictionaryIt's a recession when your neighbor loses his job; it's a depression when you lose yours. Harry S. Truman
It is no mere coincidence that there is both an historic and a present relationship between community (people assisting each other) and a poverty of power due to financial recession. Bill Mollison
why shouldn't he? All life is just a progression toward and then a recession from one phrase-- 'I love you. F. Scott Fitzgerald
It's not just about the current economic environment. History shows that slashing budgets always leads to recession. Ha-Joon Chang
[Obama White House] rescued the economy from the worst recession. Rahm Emanuel
Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying. Norman Lamont