US employers plan to hire 1.3% fewer graduates from the class of 2018, according to the new “Job Outlook 2018 Spring Update” report released today by the National Association of Colleges and Employers. It’s the first projected hiring decrease since 2010 when employers planned to cut hiring for the class of 2010 by 7%.

NACE said two industries are driving the decrease: insurance and retail.

Insurance firms plan to decrease new hires by 42% because of recent natural disasters that include hurricanes, floods and wildfires. The incidents caused catastrophic losses. Meanwhile, retail firms plan to decrease hires by almost 33%, citing the changing retail landscape and lack of new openings.

Previous spring update reports had called for increased hiring. In 2017, employers planned to hire 5.0% more grads, while in 2016 they planned to hire 5.2% more. In 2015, plans called for hiring 9.6% more.