Government reports released Thursday reveal that, despite global economic weakness, the U.S. economy is thriving.

This overall strength of the country's economy is also reflected in Oklahoma's economic growth, said Robert Dauffenbach, director of the Center for Economic and Management Research.

U.S. unemployment fell in March to a 29-year low of 4.2 percent, and new home sales rose 2.1 percent, bringing the annual rate up to 909,000 sales. Fewer Americans filed for unemployment benefits.

The drop of 20,000 indicated that labor markets remain tight.

The U.S. economy is improving, with employment growing daily and American companies' labor costs rising at their slowest pace in history.

"We have done fairly well, employment is strong and growing in the state and the major metro areas.

"With 35,000 additional jobs this year, Oklahoma has a 2.5 percent growth rate in employment, which we expect to keep up into the year 2000," Dauffenbach said.

A decline in the wage gain rate has occurred, Dauffenbach said, but overall, the expected slowdown in economic growth hasn't materialized.

"Of course, the energy industry is losing jobs, even high paying jobs, but the employment gain and growth in the service industry definitely reflects the nation's economy improvement. Oklahoma's economy has been strong, and we expect to maintain the vibrancy of growth in the future," Dauffenbach said.

Research done by the Center for Economic and Management Research through the Michael F. Price College of Business shows that Tulsa area employment growth remains near the 3 percent level, an unusually high number, while the Oklahoma City area growth rate is 2.4 percent.

Forecasts reveal that the rates of growth are expected to decline moderately in the future from the present levels.

Dauffenbach said this positive development in the state and nation's economy came as a surprise.

"This is actually the longest economic expansion in peacetime history," he said. "We had the last recession in 1991 -- which is already behind us -- and the record time without recession is 100 months. As long as the Federal Reserve doesn't raise the interest rates we should be able to avoid a recession," Dauffenbach said.

The Associated Press contributed to this report.
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