US STOCKS-Futures pare gains on jobless, manufacturing data

(Updates to show futures paring gains after jobless claims, NY Fed)

NEW YORK, May 15 (Reuters) - U.S. stock index futures pared gains on Thursday after weekly jobless claims data rose and a gauge in manufacturing in New York State was unexpectedly weak in May.

S&P 500 futures SPc1 rose 3.50 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures DJc1 rose 4 points, and Nasdaq 100 NDc1 futures rose 25 points.

(Reporting by Kristina Cooke, Editing by Kenneth Barry)