slump
n. countablen. a sudden fall in value, performance, or amount. You use this when a business, an athlete, or the economy starts doing poorly after a good period.
n. a period of substantial decline in economic activity, prices, or performance levels. Often used to describe a cyclical downturn in business or a temporary drop in an athlete's statistics.
The housing market is in a major slump right now.
After three years of record growth, the tech sector entered a sudden slump that led to widespread hiring freezes.
Economists debated whether the current industrial slump was a temporary correction or the beginning of a prolonged recessionary period that would require government intervention.
Often paired with the preposition 'in' to specify the area of decline (e.g., 'a slump in sales').