Public Policy Polling for Daily Kos & SEIU (8/25-28, MoE: ±3.1%, registered voters, Obama trendlines 8/18-21, all others 8/11-14):
Not only is this President Obama's third-straight record low showing in terms of job approvals, but he hasn't had positive numbers on that score since the middle of May, when he was coming off the tail-end of the temporary bounce he got after Osama bin Laden's death. And setting aside that three-week stretch, the last time more voters approved of Obama's job performance than disapproved was in early April, when he managed a 48-47 showing.
Of course, there's nothing magical about being positive or negative in job approvals. Indeed, in some polls, George W. Bush's rating dipped into slight negative territory not long before the 2004 elections, yet he still managed to win a second term. Right now, though, Obama would probably gladly take being down a point or two. Being down double digits is a much different story. Indeed, there appears to be a pretty close correlation between final approval ratings and election results, if you look at Gallup:
Obama's got a year-plus to turn things around, because I wouldn't want to walk into election day with anything like a 42-54 job approval rating.