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are abbreviating

  • present progressive
    of abbreviate.
    abbreviate
    verb (used with object)
    to shorten (a word or phrase) by omitting letters, substituting shorter forms, etc., so that the shortened form can represent the whole word or phrase, as ft. for foot, ab. for about, R.I. for Rhode Island, NW for Northwest, or Xn for Christian.

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Although they are technically abbreviations, sometimes they hardly even hint at the word they are abbreviating.

From New York Times ● Jan. 3, 2019