NEW YORK, Nov 5 (Reuters) - The U.S. commercial paper market contracted in the latest week, the first sign of a speed bump in the last three months for short-term debt markets, Federal Reserve data showed on Thursday.

For the week ended Nov. 4, the size of the U.S. commercial paper market, a vital source of short-term funding for daily operations at many companies, fell by $61.7 billion to $1.315 trillion outstanding, from $1.377 trillion the previous week.

Asset-backed commercial paper outstanding fell by $28.0 billion after drop of $5.6 billion the previous week, to stand at $515.0 billion week from $543.0 billion a week earlier.

Unsecured financial issuance fell by $39.9 billion after a rise of $20.9 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 Walden Siew; Editing by James Dalgleish)