US STOCKS-Wall St set to open higher on robust consumer spending data

martes 31 de mayo de 2016 09:02 GYT

* April consumer spending up 1 pct vs est. 0.7 pct rise

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* Futures up: Dow 32 pts, S&P 2.5 pts, Nasdaq 7.5 pts (Updates prices; adds details, comments)

By Yashaswini Swamynathan

May 31 (Reuters) - Wall Street was set to open higher on Tuesday after strong consumer spending data gave the latest sign of improvement in economic growth and supported the Federal Reserve's stance to increase interest rates in the coming months.

U.S. consumer spending surged 1.0 percent in April, its biggest increase in more than six years and beating economists' expectation of a 0.7 percent rise.

The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, rose 0.2 percent last month.

In the 12 months through April, the core PCE rose 1.6 percent after a similar increase in March. The core PCE is the Fed's preferred inflation measure and is running below the U.S. central bank's 2 percent target.

Fed Chair Janet Yellen said on Friday a rate hike in the coming months would likely be appropriate, pointing to an improvement in the economy and a strong labor market.   Continuación...