May 19, 2011 / 2:35 PM / in 8 years

UPDATE 1-U.S. commercial paper market grows in latest week

(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)

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