After plummeting in March, consumer confidence fell to a five-year low in April, according to the New York-based Conference Board.

According to the private research group, the Consumer Confidence Index fell to 62.3 in April, driven by consumer concerns for jobs and business activity. The report comes after the index plummeted in March from 76.4 in February to 65.9.

"This continued weakening suggests that not only has the feeble level of growth in the first quarter spilled over into the second quarter, but the economic conditions may have slowed even further," Lynn Franco, director of the Conference Board Consumer Research Center, said in a statement. "And not only are lackluster business and job conditions eroding confidence, but rising gasoline prices are undoubtedly heightening concerns."