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Data: University of Michigan Surveys of Consumers; Chart: Chris Canipe/Axios

The University of Michigan's consumer sentiment index fell 8% in January, to 90.7, the lowest reading since October 2016 and the biggest drop since September 2015. It missed expectations by a mile, with economists anticipating a reading of 97.0.

Beyond the headline number: Measures of consumer sentiment, views on current economic conditions and economic expectations all reversed course from December, turning negative on a month-over-month and year-over-year basis.

According to the survey, economists estimate the U.S. government shutdown, which began Dec. 22, is subtracting as much as 0.2% from quarterly GDP growth every week.

What they're saying: "What you have now is not much more upside being seen, you see a lot more downside with the political agenda and trade conflicts, and no promise or hope for anything else like infrastructure," PwC global chairman Bob Moritz told CNBC on Tuesday.

Flashback to September: Obama vs. Trump's midterm economy

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 10,945,600 — Total deaths: 523,035 — Total recoveries — 5,797,206Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 2,767,669 — Total deaths: 128,951 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  5. States: Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
4 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.

Scoop: Instacart raises another $100 million

Illustration: Sarah Grillo/Axios Visuals

Grocery delivery company Instacart has raised $100 million in new funding, on top of the $225 million it announced last month, the company tells Axios. This brings its valuation to $13.8 billion.

Why it matters: This funding comes at what could be an inflection point for Instacart, as customers it acquired during coronavirus lockdowns decide whether they want to continue with the service or resume in-person grocery shopping.