The Labor Department released some gloomy news about the jobs market this morning a day ahead of the all-important July employment report. It said that jobless claims jumped to 448,000, which was well above estimates. The 400,000 level is considered to be important and anything above that is thought indicate a very weak economy. This was the highest level in five years. The importance of this release pales in comparison to number tomorrow, but could still be a cause for concern. Of course a better-than-expected report tomorrow will sweeten the sour taste in traders’ mouths from today.