The job gains of recent years, when the economy routinely added more than two million jobs annually, may be a thing of the past.

Forecasters have sharply lowered their expectations for job growth in the coming year after employers added just 38,000 jobs in May, according to The Wall Street Journal’s latest survey of academic, business and financial economists.

They now expect the economy will add about 155,000 jobs a month over the next year, a pace of about 1.9 million annually. That is the third consecutive month of lowered expectations for the jobs outlook. Their estimates fell from about 180,000 in May, 185,000 in April and 190,000 in March.

If their forecast proves correct, it would be the worst year for job growth since 2010.

“The economy right now is navigating this period where there’s going to be lower growth overall and lower profit margins,” said Brian Bethune, an economist at Tufts University.

Economists were caught off guard by the weakness of the most recent jobs report. Before the report, they had estimated the economy would add 120,000 more jobs in May than it actually did.

But while the jobs market data can bounce around greatly from one month to the next—in the past year the economy has gained as many as 295,000 jobs in one month and as few as 38,000—it tends to converge over time to clearer trends that are easier to predict. Over the past year, for example, job growth has averaged 200,000 a month; economists had predicted growth of 219,000.

The economy has posted steady job growth for most of the past six years, even though overall economic output as measured by gross domestic product was growing more slowly than expected. Both measures are expected to be slower in the year ahead.

That deterioration in the labor market is likely to keep the Federal Reserve on hold when officials gather next week. Many economists earlier had expected the central bank to raise interest rates in June, but now about 52% believe they will wait until July and 30% until September.

In addition to the weaker labor market, many economists are worried about what could happen if the United Kingdom votes to leave the European Union on June 23. Such a decision, known as Brexit, from British voters could cause an unraveling of many trade arrangements and jolt financial markets.

“It is prudent, given the May jobs report and the pending Brexit vote, to wait and see before raising rates,” said KPMG chief economist Constance Hunter.

The Wall Street Journal surveyed 66 economists from June 3 to June 7, though not every economist answered every question.

The forecasters generally see an economy in peril, surrounded by risks from around the world. In addition to the potential fallout from Britain leaving the EU, many see the possibility that a slowdown in China’s economy could batter the U.S.

A strong U.S. dollar and lower energy prices could continue to hurt U.S. exporters and manufacturers, as well as U.S. oil companies. Already, the manufacturing industry has lost 39,000 jobs in the past year while the mining and logging industry (a group that includes oil producers) has lost 129,000.

A big risk for the U.S. is that there’s simply “no offsetting factor to the energy and manufacturing slowdown,” said Nathaniel Karp, chief U.S. economist for the bank BBVA. The U.S. energy boom, in particular, had been a bright spot in the U.S. economy until oil prices plunged and remained low in 2014 and 2015.

In a gauge of the panel’s pessimism, about 76% of respondents said that if their forecasts are wrong, it will likely be because the economy does worse. Only 16% think the economy is more likely to do better than their forecasts.

For now, economists generally think the U.S. will be able to avoid tilting all the way into recession. They see, on average, a 21% chance of being in a recession within the next 12 months. Those odds have been little changed since February but are about double the odds from one year ago.

There is “low risk in the immediate future, but storm clouds are forming,” said Gregory Daco, the head U.S. economist at Oxford Economics, a forecasting firm affiliated with the university.