NEW YORK, July 2 (Reuters) - The amount of U.S. commercial paper contracted in the week ended July 1 Federal Reserve data showed on Thursday. U.S. seasonally adjusted commercial paper outstanding fell $35.8 billion to $1.361 trillion 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 - fell $49.6 billion to $1.426 trillion. U.S. non-seasonally adjusted foreign financial commercial paper outstanding fell $7 billion to $356.9 billion.
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