As the following chart shows, US industrial production has been stagnating since November 2014. Despite surging consumer confidence and near record highs in the stock market, actual industrial production is experiencing the longest stagnation outside of an official recession going all the way back to 1919 when the data set begins (though not this chart) . Put differently, in the last 98 years every single time industrial production has declined by as much or for as long, the US has been in a formal recession. As legendary investor Jim Rogers recently noted something is wrong with the US economy and people know it.

P.S. Follow us on Twitter at The Sounding Line @TapsCoogan!