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What does recession mean?

Looking for the meaning or definition of the word recession? Here's what it means.

Noun
  1. The act or an instance of receding or withdrawing.
  2. A period of reduced economic activity
  3. The ceremonial filing out of clergy and/or choir at the end of a church service.
  4. The act of ceding something back.
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Examples
As the economic recession abated, its relevance receded in popular culture.
With most rates around the world more or less following those of the U.S., Reaganomics also triggered a worldwide recession.
Retiring the torsion bars used previously in 4x4 applications was the key to adding recession in the front suspension.
During the early '80s, the United States entered another recession, and Reaganite economics took hold.
Even media moguls like him are beginning to feel the chill wind of recession.
While demand may pick up as the threat of recession recedes, there are doubts that corporate profitability can soar ahead.

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