U.S. stock index futures rose on Wednesday after data showed the U.S. economy contracted at a slower pace than previously thought in the second quarter.

Futures earlier pared gains after a gauge of private sector employment showed more jobs than expected were lost in September.

S&P 500 futures rose 7 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 52 points and Nasdaq 100 futures added 8.5 points.

(Editing by Padraic Cassidy)

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