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.
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.