President Obama’s job approval rating has started to break the very important 50 percent mark according to three new national polls. The CBS News/New York Times poll found him at 50 percent approval to 43 percent disapproval, CNN/ORC International has him at 50 percent approval to 48 percent disapproval, and the Democracy Corps poll puts him at 50 percent approval to 46 percent disapproval.

These are the best job approval ratings for Obama since early May, following the killing of Osama Bin Laden. This also represents a huge improvement since the beginning of autumn when Obama’s numbers slipped into sharply negative territory.

The primary source of this solid turnout for Obama is clearly the improving opinions about the economy, not the result of any rhetorical shift. The official unemployment rate is down noticeably since the summer and the four week moving average for initial unemployment claims is the lowest it has been since 2008. This news has caused a steady, and substantial, improvement in economic optimism. The Gallup economic confidence index experienced a significant steady improvement since it low last Summer.

Gallup Economic Confidence Index -- Weekly Averages Since February 2011

Even more impressive has been the recent huge swing in economic outlook found by Pew Research. For the first since early 2010 a plurality of the country, 44 percent, thinks the economic will be better in a year.

As long as the economy seems to be improving, people are far more likely to think, rightly or wrongly, that Obama is making smart economic decisions. Similarly people become more willing to give him a pass on the smaller actions they don’t agree with or to forgive his past mistakes as long as they see the country as a whole improving.

If these economic trends keep up, Obama’s job approval number should break 50 percent and he will be in good shape come November. On the other hand, if the economy experiences another dip like last summer expect people to again judge his performance very harshly.