A YEAR ago, the American economy was in recession. Now it may be about to emerge from that downturn.

But if the economy is about to begin growing again, it will be from a very low level. The recession has produced declines far greater than in previous downturns over the past half-century. As a result, the economy may seem to be depressed even after growth resumes.

One area where that can be seen is shipments of durable goods produced by American companies. The rate of such shipments fell by more than 20 percent during this recession, and would have declined further were it not for increased production of weapons.

In no previous downturn since 1958, when the figures began being recorded, had the decline been as much as 14 percent.