Bush: Measures will take time to impact economy

WASHINGTON (Reuters) - U.S. President George W. Bush on Friday said the jump in unemployment last month reflected the challenges facing the economy and that it will take time for measures to address the financial crisis to take effect.

"We are in the midst of a global financial crisis, and tight credit markets have made it harder for businesses to borrow the money they need to meet their payrolls, grow, and create new jobs," Bush said in a statement.

"It will take time for these measures to have their full impact on an economy in which many Americans are struggling," he said. "But in recent days, we have seen some encouraging signs."

He added that his administration would continue working to help the economy grow again and that he will push for Congress to approve free trade agreements with Colombia, Panama and South Korea.

"I understand that Americans remain deeply concerned about the challenges facing our economy, but our economy has overcome great challenges before, and we can be confident that it will do so again," he said.

(Reporting by Jeremy Pelofsky; Editing by Theodore d'Afflisio)