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re•ces•sion

Pronunciation: (ri-sesh'un), [key]
—n.
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. Econ.a period of an economic contraction, sometimes limited in scope or duration. Cf. depression (def. 7).