A steady rise in income has been a challenge for the Federal Reserve in controlling sky-high inflation. However, inflation is finally showing signs of cooling, while wages continue to be on the rise. A steadily rising personal income is also allowing consumers to spend more freely. The Commerce Department said on Jun 28 that personal income increased 0.5% in May, following a 0.3% jump in April. Wages increased 0.7% in May, which can raise concerns for the Federal Reserve, which has been struggling to fight inflation. Disposable personal income, which is calculated after paying taxes, rose 0.5% in May. The personal savings rate also rose 3.9% in May after increasing 3.7% in April.  Despite a jump in the personal savings rate, consumers continued to spend. Consumer spending rose 0.2% in May after increasing 0.1% in April. Consumer spending, which accounts for two-thirds of the U.S. economic activity, got a boost from a 0.3% jump in spending on services. Spending on goods also rebounded in May, increasing 0.2% month over month after a 0.5% decline in April. The report comes as the Commerce Department said that inflation cooled further in May. The personal consumption expenditure (PCE) remained unchanged in May after increasing 0.3% ...