Atlanta FedThe "recession" argument keeps losing credibility. US economic data releases were sparse this week, but the few indicators we did get confirmed the US economy is not on the brink of recession. Consumer spending is the driving force of economic growth as consumption makes up two-thirds of gross domestic product. And the first big reading on consumption for 2016 — the January retail sales report — showed that spending is not rolling over. Retail sales rose 0.4% compared to December, and 0.1% excluding the volatile costs of autos and gas.