Profit growth for China’s industrial firms cooled for a third straight month in July in a further indication that demand in the world’s second-biggest economy is cooling even as U.S. trade pressure mounts.

Industrial profits in July rose 16.2 percent from a year earlier to 515.12 billion yuan ($74.94 billion), slowing from a 20 percent increase in June, the National Bureau of Statistics (NBS) said on Monday.

Profit growth eased in July as producer price inflation moderates, He Ping of the statistics bureau said in a statement accompanying the data.

For the first seven months of the year, industrial firms have reported profits of 3.9 trillion yuan, up 17.1 percent from the same period last year.