US businesses are hiring at their lowest non-pandemic rate since 2011, hinting at a deep chill in the labor market.

Hiring as a percentage of total employment dropped from 3.4% in January to 3.1% in February, while job openings fell. Overall, 92,000 jobs were lost, and the voluntary quitting rate dropped — seen as a measure of employees’ confidence in their ability to find new work.

The slump predates the Iran war, which began on Feb. 28: A worrying sign, one analyst noted, since the conflict’s impact on shipping and energy markets will increase costs for businesses, which “may be forced to reckon with tough decisions such as raising prices or reducing hours and workforce.”