"President Obama's job approval rating has fallen to 47% in the latest Gallup poll, the lowest ever recorded for any president at this point in his term." Bush, by way of comparison, was at 86% by the same time of his first term (though as a newly-minted war-time president overseeing a relatively healthy economy). Rasmussen corroborates with a job approval of 47%-52% (strongly approve: 27%; strongly disapprove: 38%).
Getting into particulars, Obama's approval is 14% among Republicans, 42% among independents and 83% among Democrats. (May we now lay to rest the absurd notion that Obama was going to bring "change" to partisan politics? Unless the meaning of "change" was division without precedent.) Gallop credits the low numbers to a lack of perceived progress on any of his major initiatives and mounting opposition to healthcare reform. The right and left will likely remain rather fixed in their opinions, but losing the independents will sound the death knoll of President Obama - and the Democrats.
Polls should always be taken with a grain of salt, but presidential job approval ratings are a rather solid snapshot of the national mood. Broad, all-encompassing polls such as this are driven in part by basic emotional trends - the most important likely being confidence (that's why the dissolution of foreign governments follow a vote of "non-confidence"). Two-thirds of voters believe unemployment will not have improved by this time next year. Such fears will always fuel negative approval ratings, and Obama's numbers will likely continue to decline until national faith in economic security is restored.
The most interesting reflection of the broader national picture is Rasmussen's finding that, in "a three-way Generic Ballot test, Democrats attract 36% of the vote, the Tea Party candidate picks up 23%, and Republicans finish third at 18%." Tea Party Candidate? Did this second-ranked third-party even exist last month? The GOP's poor showing isn't as bad as it seems, of course, as very few Tea Partiers are probably left-leaning liberals sympathetic to the Democrats. Nonetheless, the ideological rift in the GOP so desired by Democrats (and many conservative Republicans) seems capable of manifesting itself in ways far more practical than many might have imagined. Could a weak incumbent on the left and an enervated opposition party limping toward the middle lead to a (momentary) third-party revolution on the right?