US STOCKS-Futures flat before April jobs data

By Ellis Mnyandu

NEW YORK, May 2 (Reuters) - U.S. stock futures were little changed on Friday amid caution before April employment data that may signal the housing slump's damaging impact on the economy just a day after stocks rallied to their highest level since mid-January.

Major earnings reports on Friday include oil company Chevron Corp (CVX.N), which is expected to post results one day after Exxon Mobil Corp (XOM.N) disappointed Wall Street with a profit below forecasts.

The jobs data, due at 8:30 a.m. (1230 GMT), will be scrutinized for how effectively the Federal Reserve has stimulated a weak economy with a series of interest rate cuts beginning in September.

Economists polled by Reuters forecast a loss of 80,000 non-farm payroll jobs, the same decline as in March, and a rise in the unemployment rate to 5.2 percent from 5.1 percent the previous month.

An unexpected rise in private-employment in the ADP Employer Services on Wednesday caused some economists to expect a positive surprise in the Labor Department's broader monthly report.

"After the ADP number showed an increase, I think we've priced in a pretty good payrolls number ... but if the number is not solid or better-than-expected, I believe we sell off," said Matt McCall, president of Penn Financial Group in Denver, Colorado. "It's going to be a pretty volatile morning, either way you look at it."

S&P 500 futures SPc1 rose 1.30 points, and were above fair value, a formula to evaluate pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 climbed 6 points, and Nasdaq 100 NDc1 futures inched up 0.75 points.

Earlier this week two reports showed rising numbers of homeowners falling behind in their mortgage payments and a sharp increase in foreclosures.

Also on Wednesday, the government's advance report on first-quarter gross domestic product showed deterioration in key parts of the economy, including a rise in business inventories that suggested more trouble for economic growth.

A rebounding dollar, lower crude oil prices and a rally in technology shares, seen as undervalued, powered Thursday's U.S. stock market advance, which was followed by gains in Asia and in Europe. A report on March factory orders is due at 10 a.m. (1400 GMT) (Editing by Kenneth Barry)