U.S. Retail Sales Jump 7.8 Percent Over Past Year

Despite blizzard-like conditions for much of the country, January retail sales increased for the seventh month in a row, suggesting continued confidence in the economy. However, the increase was the smallest since last summer. January retail sales rose to $381.6 billion, representing a 0.3 percent increase over December and a 7.8 percent jump over January 2010, according to the U.S. Commerce Department.