Webster's English Dictionary

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recession

1. re.ces.sion \ri-'sesh-*n\ \-*-.ner-e-\ n 1: the act or action of 
   receding : WITHDRAWAL  2: a return procession  3: a period of reduced 
   economic activity  - re.ces.sion.ary aj
2. re.ces.sion \(')re--'sesh-*n\ n [re- + cession] : the act of ceding back