Commercial paper market shrinks in week: Fed

NEW YORK Thu Oct 25, 2012 9:56am EDT

NEW YORK (Reuters) - The amount of commercial paper contracted for an eighth straight week in the week ended October 24 as companies reduced short-term borrowing on signs of slowing business demand, Federal Reserve data showed on Thursday.

U.S. seasonally adjusted commercial paper outstanding fell $19.2 billion to $924.4 billion in the latest week.

Non-seasonally adjusted commercial paper outstanding, which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis, rose $4.3 billion to $969 billion.

U.S. non-seasonally adjusted foreign bank commercial paper outstanding rose $0.1 billion to $124.3 billion.

(Reporting by Karen Brettell; Editing by James Dalgleish)

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