From The Collaborative International Dictionary of English v.0.48:
Recession \Re*ces"sion\ (r[-e]*s[e^]sh"[u^]n), n. [L. recessio,
fr. recedere, recessum. See Recede.]
1. The act of receding or withdrawing, as from a place, a
claim, or a demand. --South.
[1913 Webster]
Mercy may rejoice upon the recessions of justice.
--Jer. Taylor.
[1913 Webster]
2. (Economics) A period during which economic activity, as
measured by gross domestic product, declines for at least
two quarters in a row in a specific country. If the
decline is severe and long, such as greater than ten
percent, it may be termed a depression.
[PJC]
3. A procession in which people leave a ceremony, such as at
a religious service.
[PJC]
From The Collaborative International Dictionary of English v.0.48:
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.
[1913 Webster]