When economic activity is on the decline.

 

"Many are very concerned about the latest recession since financing is getting harder to get, as are their sales."

 

"We cut back on inventory this Christmas season due to the recession."

 

"The market forecasters have been talking about this recession for quite some time now."

 

"Recessions are actually a normal flow in the economy; however a severe recession can have long term effects on how we do business."