US STOCKS-Wall St to edge up after jobs data, Draghi comments

* ECB agrees new bond-buying program, Draghi says

* U.S. jobless claims fall; private sector jobs up

* ECB holds rates as inflation eclipses growth risks

* Futures up: S&P 7 pts, Dow 41 pts, Nasdaq 9.25 pts

By Angela Moon

NEW YORK, Sept 6 (Reuters) - Wall Street was set for a higher open on Thursday on signs of improvement in the U.S. labor market and on news that the European Central Bank agreed on a new bond-buying program to lower struggling euro zone countries' borrowing costs.

Trading was volatile as investors tried to digest news from ECB President Mario Draghi's press conference and two labor market reports that could be crucial ahead of Friday's all-important U.S. non-farm payrolls report.

Draghi said the ECB will not set a limit on how much sovereign debt it can buy under its new bond-buying program and will not expect better treatment than other creditors as it has in the past.

Prior to Draghi's news conference, data showed U.S. private employers added 201,000 jobs in August, easily beating economists' expectations.

A separate report showed the number of Americans filing new claims for jobless benefits fell last week to its lowest level in a month, also an upbeat signal for a labor market that has struggled to create enough jobs.

"We're still not adding enough jobs to really make up for the people that are coming into the workforce. The unemployment rate will likely not move or maybe even tick up as a result of this. So it's nice but it's not enough. But the market will trade up on it anyway," said Keith Bliss, senior vice president at Cuttone & Co in New York.

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 rose 41 points, and Nasdaq 100 futures added 9.25 points.

Earlier, the ECB also announced that it will keep its main interest rate at a record low of 0.75 percent, holding fire after a pick-up in inflation last month offset pressure to breathe life into the flagging euro zone economy by easing borrowing costs.

In company news, Supervalu Inc said it would close about five dozen stores as it works to turn around its grocery business, which lags Kroger Co and Wal-Mart Stores Inc .

Realty Income Corp plans to acquire American Realty Capital Trust Inc for about $1.93 billion as it looks to diversify its portfolio outside of the retail industry.