turndown

turndown turn‧down [ˈtɜːndaʊn ǁ ˈtɜːrn-] noun [countable] ECONOMICS

a situation in which there is less business done than before, when the economy becomes weaker etc:

• The first half of the year saw a turndown in consumer spending.

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turndown UK US /ˈtɜːndaʊn/ noun [C]

► ECONOMICS a reduction in business activity in a particular area or in the economy in general: »

A wave of telecoms mergers and acquisitions was triggered across Europe after the dotcom turndown.

► HR, BANKING a situation in which you are refused something that you apply for, such as a job or bank loan

→ See also TURN SB/STH DOWN(Cf. ↑turn sb/sth down)