The economic slowdown that had dramatically increased unemployment in August has been accelerated by the attack to the point of inducing a full-fledged recession.

He said that neither he nor most top economists believed that the nation would slide back into a full-fledged recession next year.

But if there is a full-fledged recession, Mr. Utter said, "then low-grade issues will underperform the rest of the bond market."

While Britain has suffered a full-fledged recession, other countries have generally been spared a downturn as sharp as that in the United States in 1991.

Exactly how much economic growth will be reduced, and whether the slowdown will amount to a full-fledged recession, is a matter of debate.

The consensus view had been entertaining something that was very close to a full-fledged recession.

Indeed, banks are learning that real estate problems can develop without the kind of full-fledged recession that Texas suffered.

Overextended consumers and corporate borrowers experience financial distress, damping down spending even more, which leads to a full-fledged recession.

He predicts that early in 1996, profits for many companies will be below the levels of a year ago, and says there might be a full-fledged recession as well.

Eventually, foreigners are loath to hold dollars, long-term interest rates climb, the dollar falls precipitously and inflation worsens, even as the economy slides into a full-fledged recession.