According to CoinMeta, the Chinese economy lost momentum in July, with consumer spending stagnating, urban investment contracting at a faster rate, and the unemployment rate rising, putting pressure on Beijing to provide additional support. According to data from the National Bureau of Statistics, retail sales in July increased by 0.6% year-on-year, lower than the 1.5% expected in a Reuters survey, and also slower than the 1% growth in June. Urban fixed asset investment contracted by 6.7% year-on-year as of the end of July, which was higher than the 6% predicted in the survey. Industrial output grew by 4.5% in July, below the expected 4.8%. The urban unemployment rate was 5.2% in July, up from 5% in June.