U.S. consumer confidence dropped from a five-year high this month amid rising fuel prices and concern about home foreclosures, reported Bloomberg News. The Conference Board’s index of consumer confidence fell to 107.2 from 111.2 in February. Analysts had forecast that the index would fall to 108.5.

Despite fear that rising gasoline prices and increasing mortgage defaults will hurt economic expansion, the Conference Board’s index showed that 30.5 percent of Americans believe jobs are plentiful, compared with 27.8 percent in February. The number of people who expect their incomes to rise over the next six months, however, fell to 17.5 percent from 19.2 percent last month.

Other measures have had slightly worse results in the past few months. A preliminary survey by Reuters/University of Michigan released earlier this month showed that sentiment fell to 88.8, a six-month low. The ABC News/Washington Post confidence index last week experienced its biggest decline since February 2004.

“Apprehension about the short-term future has suddenly cast a cloud over consumers’ confidence,” said Lynn Franco, the Conference Board’s survey director, in a report. “Despite diminishing expectations, consumers’ assessment of present-day conditions remains steady and does not suggest a weakening in economic conditions.”

The report is important to economists, given that consumer spending accounts for more than two-thirds of the economy.