In January 2016, borrowing by U.S. consumers grew at its slowest pace in three years as confidence wavered in light of the global financial market, according to an article by Ben Leubsdorf and Eric Morath for The Wall Street Journal.

Outstanding consumer credit, or non real-estate debt, rose by a seasonally adjusted $10.54 billion month-over-month in January, according to the article. Economists expected a $17 billion increase.

From the Article:

Consumer spending, which generates the bulk of U.S. economic activity, decelerated in the final months of 2015 but picked up in January, according to Commerce Department data. There have also been signs of firmer wage growth as the job market continues to tighten, though worker pay slipped last month.