Both Uses of

recession
in
A Man Named Dave

But months later, after a statewide recession, I found myself as a legal adult, with no diploma, no job, and my life savings quickly draining away.
p. 32.1 *

recession = a period when the economy does poorly

Jobs right now are scarce with the recession and all, but …. there is an option….
p. 258.0

Definitions:

(1) (recession as in: economic recession)
a period when the economy does poorly

Most people think of a recession as any period of two consecutive quarters of shrinking, real GDP.

Officially, a nonprofit organization, the National Bureau of Economic Research, determines when the U.S. economy has had a recession. Their proclamation is often a year after the recession started and almost never fails to call a recession indicated by the 2-quarter rule-of-thumb.
(2) (meaning too rare to warrant focus)
meaning too rare to warrant focus:

There are several less common meanings for recession. They include: a small concavity; or: the withdrawal of the clergy and choir from the chancel to the vestry at the end of a church service; or: the act of becoming more distant.