(Adds details on latest data)
NEW YORK, May 19 (Reuters) - The U.S. commercial paper market expanded for a fourth straight week on a seasonally adjusted basis, suggesting demand for short-term corporate funding is growing, Federal Reserve data showed on Thursday.
The size of the U.S. commercial paper market grew by $24.3 billion to $1.183 trillion outstanding in the week ended May 18 after seasonal adjustments.
But excluding seasonal factors, the commercial paper market shrank $9.8 billion in the latest week to $1.162 trillion.
Much of the seasonally adjusted increase came from banks and asset-backed sectors, which help to finance mortgages, credit cards and other consumer loans.
The amount of asset-backed commercial paper outstanding rose $10.6 billion to a seasonally adjusted $384.0 billion.
Unsecured financial commercial paper outstanding increased $9.6 billion in the week ended Wednesday to a seasonally adjusted $623.6 billion. (Reporting by Richard Leong; Editing by James Dalgleish)