NEW YORK 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)