U.S. Treasury Scott Bessent Tuesday said there was nothing in U.S. economic data which showed that the American economy was currently in a recession, despite a contraction in the first quarter gross domestic product (GDP).

Bessent told the House Appropriations Committee that economic numbers were subject to revision, and he expected an upward revision of the Q1 data after having looked at a detailed analysis. He provided no further details.

The Commerce Department reported last week that GDP decreased at a 0.3% annualized rate last quarter, the first contraction reported in three years.