US Treasury Secretary Steven Mnuchin said on Wednesday the US economy has already begun to rebound from the COVID-19 pandemic, AFP reported.

"America's economy has begun to rebound, and our recovery is underway," Mnuchin said in testimony to the Senate Small Business and Entrepreneurship Committee.

He pointed to a report by the Labor Department, which noted a 2.5 percent increase in jobs and a drop in unemployment to 13.3 percent. According to him, 79 percent of small enterprises have begun to reopen, and half of those who remain closed plan to do so in the near future. 

"This economic positioning is the direct result of the Trump Administration and Congress working together to pass bipartisan legislation to provide necessary liquidity to workers and markets," Mnuchin said.