U.S. stock index futures jumped on Friday, shrugging off earlier declines, after data showed the economy shed far fewer jobs than expected in July.

* S&P 500 index futures rose 8 points, and 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 gained 67 points, while Nasdaq 100 futures rose 14.75 points.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)