Private Sector Hiring Dragged Down By Contraction in Financial Sector and Manufacturing

U.S. private sector employers continued to add to their payrolls in March despite notable contractions in financial services, professional and business services, and manufacturing, according to data from the ADP National Employment Report released Wednesday. Employment in the nonfarm private sector rose by 145,000 in March. That’s a slowdown from the 261,000 recorded for February, an upward revision from the 242,000 estimated earlier. The ADP report for January shows the private sector added 119,000 workers to payrolls. Silicon Valley Bank and Signature Bank failed in March and were taken into receivership by the Federal Deposit Insurance Corp., sending shockwaves through…