"It appears our economy has slowed," Bush said in a statement, but provisions of an economic stimulus package signed into law three weeks ago "are just starting to kick in."

The February unemployment rate fell to 4.8 percent from 4.9 percent in January but payroll employment fell by 63,000 jobs, the U.S. Bureau of Labor Statistics reported Friday.

Tax incentives for businesses to buy new equipment are just beginning to have an effect, he said. As more businesses take advantage of the incentives and lower interest rates, new jobs would be created.

Also, 130 million households will begin receiving rebate checks in May.

"When that money reaches the American people, we expect it will be used to boost consumer spending," Bush said.

"I know this is a difficult time for our economy," Bush said, "but we provided the economy with a booster shot" in the stimulus package.

As long as pro-growth, low-tax policies "that put faith in the American people" are in effect, "our economy will prosper," Bush said.