Obama’s Approval Rating Hits Record Low

President Obama’s job approval rating for the first 10 days of August was 4 percentage points lower than it was in the first week of July, significantly less of a drop than the 19-point decline in Gallup's Economic Confidence Index over the same period.

Last week’s 42% average was the lowest of his administration. In terms of the Gallup Daily tracking three-day average that Gallup routinely reports, Obama hit a new low of 40% last week, but by Tuesday of last week the three day rolling average was back up to 42 percent.

However, by Sunday August 14, Obama's three day average approval of the president's job performance had dropped to 39 percent, while 54 percent disapprove.

Both figures are the worst numbers of his presidency.

Obama's approval rating peaked at 53 percent in the weeks following the death of Al-Qaeda founder Osama bin Laden, who was killed by US special forces in Pakistan in May. But it has been steadily declining in the wake of economic reports showing anemic growth and Standard & Poor's decision to downgrade the US credit rating.

Most presidents in the modern era have in fact seen their job approval ratings drop below 40 percent. President Ronald Reagan’s job rating fell into the 30% range by the 24th month of his presidency (in January 1983). Bill Clinton’s approval rating fell to below 40% in the fifth month of his presidency (in June 1993).