Stock index futures cut gains on Thursday following government reports pointing to further deterioration in labor and manufacturing as the recession deepens.

The number of U.S. workers continuing to claim jobless benefits notched a fresh record in the second week of February, according to government data.

Another government report showed that U.S. orders for long-lasting manufactured goods fell for a sixth consecutive month to a six-year low in January.

S&P 500 futures rose 11.40 points, and were 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 82 points, and Nasdaq 100 futures climbed 12.75 points.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)