Recession n. : The act of receding or withdrawing, as from a place, a claim, or a demand.

Recession n. : The act of ceding back; restoration; repeated cession; as, the recession of conquered territory to its former sovereign.

Example:
How does a Recession affect the average person?

Taxonomy
recession, decline, List of recessions, economists, economy, NBER, jobs, global recession, economic recession, Business Cycle, United States, GDP, Recession definition, contraction, National Bureau of Economic Research, consecutive quarters, economic activity, Dating.

Defination from the web:
recession is a contraction phase of the business cycle, or "a period of ... 5 Recession and politics. 6 History of recessions. 6.1 Global recessions ...