recession: Meaning and Definition of

re•ces•sion

1. the act of receding or withdrawing.
2. a receding part of a wall, building, etc.
3. a withdrawing procession, as at the end of a religious service.
4. a period of an economic contraction, sometimes limited in scope or duration. Cf.(def. 7).

re•ces•sion

1. a return of ownership to a former possessor.