Updated data released by the Department of Commerce on Thursday shows that the U.S. economy decreased slower than expected during the second quarter.
The revised U.S. Bureau of Economic Analysis data shows that the gross domestic product, which is the broadest gauge of the economy, shrank at an annual rate of 0.6% from April through June.
This comes after it was initially reported that it would decline by 0.9%, which many feared that the nation was approaching a recession, the Associated Press reported.
According to the Department of Commerce, the GDP decreased by 1.6% from January through March.
Elsewhere in the report, data showed that consumer spending and private inventory investment were revised up, while residential fixed investment was revised downward.
However, the data reported by the Commerce Department showed that the price index for gross domestic purchases rose 8.4% during the first quarter, which was previously estimated to rise 8.2%.
Also of note is that the real gross domestic income rose by 1.4% in the second quarter, compared to 1.8% in the first quarter.
According to CNN, experts believe the US is not in the midst of a recession, using examples that the labor market is strong and consumers are spending at a higher volume.