The U.S. commercial paper market expanded for an 11th straight week, underscoring the recovery trend in the market as the economy started to rebound from a long recession, Federal Reserve data showed on Thursday.

For the week ended Oct. 28, the size of the U.S. commercial paper market, a vital source of short-term funding for daily operations at many companies, rose by $10.6 billion to $1.377 trillion outstanding from $1.366 trillion outstanding the previous week.

Separately, a report released on Thursday showed that U.S. gross domestic product expanded by 3.5 percent in the third quarter, ending the long running recession.

U.S.