Can't figure out why I keep getting 502 bad gateway nginx error. Here is the error from nginx error log.

2012/12/03 19:30:21 [error] 20650#0: *939328 connect() failed (111: Connection refused) while connecting to upstream, client: 70.94.18.35, server: demo.domain.com, request: "GET /assets/js/msgFBmodal.js HTTP/1.1", upstream: "http://108.166.94.94:7080/assets/js/msgFBmodal.js", host: "demo.domain.com", referrer: "http://demo.domain.com/register/user_profile"

I'm on a rackspace cloud sever, centos.