New figures out this Thursday show the U.S. economy contracted less than first thought in the second quarter of the year, offering backing to those who maintain the country is not in a recession.

The Commerce Department revised up its Q2 figure for gross domestic product, though at 0.6 percent, that still represents a contraction.

But with overall inflation and gasoline prices dipping, that small difference is a huge relief for policymakers trying to keep the economy on an even keel as they attempt to cool prices.

CGTN’s Owen Fairclough reports.