President Obama’s average job approval rating in November, exactly one year from his possible re-election, was very low by historic standards. According to Gallup only one previous modern regularly elected president had a lower average job approval rating in the November of the third year of his term and that was Jimmy Carter.

Elected Presidents' Average Job Approval Rating in November and December of Their Third Year in Office

Obviously a lot can change in a year. For example, George H.W. Bush had a rather strong job approval rating a year out from the election but still ended up losing.

But this is just not good news for the Obama campaign. Obama is in a historically very weak position and the short term outlook for the American economy is not great.