President Obama’s job approval rating hits its lowest level yet in Gallup’s daily tracking polling. The three day rolling average found only 38 percent approve of the job Barack Obama is doing as president while 54 percent disapprove.

Since the end of May, when Obama’s approval rating was last over 50 percent, Obama job approval numbers have been trending steadily downward.

This drop in support for Obama since late May closely tracks with Gallup’s finding that there has been a large increase in the number of Americans who rate the economy as poor and a large drop in the number of people who believe the economy is getting better.

The poor state of the economy is clearly dragging down Obama’s job approval numbers, although the sharpness of the recent trend is probably exaggerated by the higher levels Obama achieved immediately following the killing of Osama bin Laden in early May. That likely temporarily boosted Obama numbers, but the bump from that was probably going to fade even without the continuing bad economic news.

With American’s economic confidence extremely low but seemingly stable for now, it will be interesting to see if disapproval of Obama’s job performance also reach a plateau or continues trending upward.

*Data for chart from Gallup