White House economic adviser Larry Kudlow says the U.S. economy is enjoying a “strong prosperity boom” despite critics claiming otherwise.

“We are in a strong prosperity boom and every data point shows that. And when we go into the distribution of those economic benefits it is precisely the bottom half, in some cases the lowest 10 percent, that have actually done the very best in this economy,” the veteran financial guru and former Ronald Reagan adviser explained to Fox Business Network’s Stuart Varney on Monday.

“I grow weary as I read these articles, at some of our critics ... some of whom appear to be running for higher office, and they are painting a picture of an economy deep into recession,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

The U.S. economy is on a 3 percent growth path for 2019 and “profits will outperform the usual doom and gloom,” predicted Kudlow, who served as the Trump campaign's senior economic adviser.

An accumulation in inventories contributed to a 3.1% annualized increase in GDP in the first quarter, Reuters explained. Inventories are expected to have subtracted from GDP growth in the second quarter.

The Atlanta Federal Reserve is forecasting the economy grew at a 1.4% rate in the second quarter.

The government will publish its advance second-quarter GDP growth estimate later this month.

Meanwhile, government officials, in their efforts to calculate U.S. gross domestic product, are falling further behind in measuring rapidly evolving technology, especially smartphones that provide essentially-free digital products such as Google Maps and Snapchat, according to a Goldman Sachs Group Inc. analysis.

Mismeasurement understates the annual pace of inflation-adjusted GDP growth by around 1 percentage point, compared with 0.5 point in 2005 and 0.3 point in 1995, according to a report this week by economist Spencer Hill, Bloomberg reported.

He based the assessment on GDP tallies across four categories: Unmeasured nominal output, free and crowdsourced digital products, consumer inflation, and business investment in information and communication technology.

“This is somewhat larger than our previous estimates and would imply that roughly half of the post-crisis productivity slowdown is explained by greater mismeasurement,” Hill wrote in a report. He also cautioned that the uncertainty around the estimates is large, particularly with respect to digital goods and health-care consumer inflation.

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