Consumer sentiment was really bad in January

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.

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