European nations are continuing to struggle in the continent's economic crisis.

Greece's unemployment rate rose above 25 percent. The government says 1.26 million Greeks were out of work in July. About 54 percent of workers under the age of 24 are unemployed.

Meanwhile, Spain is dealing with the aftershock of seeing its credit rating downgraded two notches. Standard and Poor's lowered the country's rating to just above junk status.

The bad economic news is weighing heavily on Germany's economy. The country's leading economic institute halved its prediction for economic growth next year.