Source : Webster's Revised Unabridged Dictionary (1913)

Recession \Re*ces"sion\, n. [L. recessio, fr. recedere,
   recessum. See {Recede}.]
   The act of receding or withdrawing, as from a place, a claim,
   or a demand. --South.

         Mercy may rejoice upon the recessions of justice.
                                                  --Jer. Taylor.

Recession \Re*ces"sion\, n. [Pref. re- + cession.]
   The act of ceding back; restoration; repeated cession; as,
   the recession of conquered territory to its former sovereign.

Source : WordNet®

recession
     n 1: the state of the economy declines; a widespread decline in
          the GDP and employment and trade lasting from six months
          to a year
     2: a small concavity [syn: {recess}, {niche}, {corner}]
     3: the withdrawal of the clergy and choir from the chancel to
        the vestry at the end of a church service [syn: {recessional}]
     4: the act of ceding back [syn: {ceding back}]
     5: the act of becoming more distant [syn: {receding}]