NEW YORK, Nov 12 (Reuters) - The U.S. commercial paper market contracted in the latest week for the second consecutive week, Federal Reserve data showed on Friday. For the week ended Nov 10. the size of the U.S. commercial paper market, a vital source of short-term funding for companies' day-to-day operations, fell by $11.7 billion to $1.134 trillion outstanding, from $1.145 trillion outstanding the previous week. Asset-backed commercial paper outstanding fell $4.1 billion after falling $6.1 billion a week earlier. Total U.S. asset-backed commercial paper outstanding dipped to $403.5 billion outstanding in the latest week from $407.6 billion outstanding the previous week. Unsecured financial issuance rose by $1.1 billion after falling by $22.2 billion the previous week. The overall U.S. commercial paper market peaked at about $2.2 trillion outstanding in August 2007 when the credit crisis broke out. (Reporting by Chris Reese; Editing by Theodore d'Afflisio) Keywords: MARKETS COMMERCIALPAPER (firstname.lastname@example.org; +1 646 223 6073; Reuters Messaging: email@example.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.
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