- recession (n.)
- "temporary decline in economic activity," 1929, noun of action from recess (q.v.):
The material prosperity of the United States is too firmly based, in our opinion, for a revival in industrial activity -- even if we have to face an immediate recession of some magnitude -- to be long delayed. ["Economist," Nov. 2, 1929]
Ayto notes, "There was more than a hint of euphemism in the coining of this term."