By Chuck Mikolajczak
NEW YORK (Reuters) - Stock index futures edged higher on Thursday ahead of data on the labor market and services sector as investors search for insight on the health of the domestic recovery.
Initial jobless claims, due at 8:30 a.m. EDT (1230 GMT), are seen falling by 8,000 to 380,000 in the latest week and come a day ahead of the closely watched April payrolls report. On Wednesday, a weak reading on private sector hiring pushed stocks lower.
At 10 a.m. EDT (1400 GMT), the Institute for Supply Management's (ISM) April reading on the non-manufacturing sector is due and seen falling from the prior month.
A softening in domestic data coupled with flare-ups in the euro zone debt crisis sent the S&P 500 to a monthly decline in April, the first since November. The index has struggled to convincingly break above the 1,400 level, a key resistance point, without stronger proof of the recovery.
"Investors are focusing on the fact the economy has stabilized from its low point. Even though some of the macro news is disappointing, most of it remains in positive territory," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
"So there are signs out there, emerging signs, the worst of the decline is behind us and that is what the market is telling us."
The European Central Bank held interest rates at 1.0 percent and will resist calls to do more to fight the euro zone crisis, putting the onus on governments.
The euro briefly rose against the dollar while European equities trimmed gains after the decision. <.EU>
S&P 500 futures rose 2 points and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were up 9 points, and Nasdaq 100 futures added 4.25 points.
General Motors Co
Earnings are expected from 35 S&P companies on Thursday. According to Thomson Reuters data through Wednesday morning, of the 350 companies in the benchmark index reporting earnings, 70 percent have topped expectations.
Retailers were also in focus as they report same-store sales. Costco Wholesale Corp's
Companies on tap to report results Thursday included American International Group Inc
Dutch food and chemicals group DSM
Asian shares slipped after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)
