US STOCKS-Euro zone concerns weigh on futures; jobs data on tap

* Growth in euro zone manufacturing,services slows in Sept

* Jobless claims, existing home sales data on tap

* Futures down: S&P 7.6 pts, Dow 51 pts, Nasdaq 11.25 pts

* For up-to-the-minute market news see [STXNEWS/US] (Adds byline, analyst quote)

By Angela Moon

NEW YORK, Sept 23 (Reuters) - U.S. stock index futures dipped on Thursday, pressured by weak economic data out of Europe and on expectations that U.S. weekly jobless claims data will show employment conditions are still under pressure.

Investors are closely watching initial jobless claims due at 8:30 a.m. [1230 GMT]. Analysts in a Reuters survey expect a reading of 450,000, unchanged from the prior week, suggesting job market conditions continue to be soft. Existing home sales data for August is due at 10:00 a.m. [1400 GMT]. Analysts forecast home sales rose to 4.10 million units from 3.83 million in the previous month.

European stocks fell after data showed the pace of growth in the euro zone's services and manufacturing sectors slowed more than expected this month, rekindling worries about economic recovery in the region.

"European sovereign debt issues are front and center again today and are weighing on markets," said Peter Boockvar, equity strategist at Miller Tabak + Co in New York.

S&P 500 futures fell 7.6 points and were below 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 dropped 51 points, and Nasdaq 100 futures dipped 11.25 points.

Red Hat Inc will be in focus after reporting on Wednesday fiscal second-quarter profit that was lower but still beat Wall Street forecasts, as sales of its software rose sharply. The stock rose 4.8 percent to $38.50 in premarket trade.

Bed Bath & Beyond will also be in the spotlight after the company beat quarterly profit and sales estimates and boosted its full-year view. The stock was up 4.6 percent at $44.00 in premarket trade.

United Parcel Service Inc will open its first Asian healthcare supply chain facility in Singapore in 2011 as it expands into the logistics business.

Starbucks Corp said it planned to charge more for large-sized and labor-intensive drinks because of surging prices for coffee and other commodities.

The timing of the U.S. Securities and Exchange Commission's case against Goldman Sachs was "suspicious", a federal watchdog said, suggesting the SEC used it to divert attention from a report sharply criticizing its probe into accused Ponzi schemer Allen Stanford.

Microsoft sold $4.75 billion in new debt on Wednesday, some of it at the lowest U.S. corporate borrowing rate on record, as the world's largest software company took advantage of low interest rates to raise cash. The company's shares slipped 0.3 percent to $24.53 in premarket trade.

U.S. stocks slipped on Wednesday, ending the Dow's five-day winning streak, following Adobe's discouraging revenue outlook and investor disappointment over Microsoft's new dividend. (Reporting by Angela Moon, Editing by Theodore d'Afflisio)