Consumer confidence fell to a five-year low this month, a sign that consumers will likely cut back on spending, creating a drag on the economy, the Associated Press reported.

The Conference Board said today that its Consumer Confidence Index was 64.5 in March, down from a revised 76.4 in February and far below analysts’ estimate of 73. The index has been in a downward trend since last July, and tight credit markets, rising prices and a worsening job market have heightened fears that the economy is in a recession.

Two other companion indexes reported declines. The present situation index, which looks at current conditions, fell to 89.2 this month from 104 in February. The expectations index, which looks at the future, dropped to a 35-year low of 47.9 in March from 58 a month ago. As part of the latter index report, more consumers expect business conditions to worsen and the number of jobs to decrease over the next six months.