The May figure released last week was the worst since November 1990, with both exports and imports declining, notwithstanding the fact recessions normally depress imports and boost exports.

For one thing, the recession has depressed the price of new materials, making it hard for recyclers to make a profit.

An economic recession and plummeting farm income depressed the market in 1925.

At the same time, recession has depressed the stock market, making it difficult for weak companies to survive on their own.

"The recession has depressed income and employment levels such that any rebound in sentiment will not rebound into an immediate surge in spending," the analysts noted in their daily market commentary.

Company executives have said that recessions in the United States and now in Europe have depressed car and truck sales far beyond expections.

The British and American recessions and the economic slowdown in other European countries have depressed Britain's real-estate and car businesses.

The recession and fears of terrorism had depressed the travel industry for weeks.

Japan's stock market bottomed in October 1974, when worldwide recession brought on by soaring oil prices had depressed investors.

After this, demand for steel fell rapidly and the recession of the late 1920s further depressed the economic situation.