There is some good news for President Obama.  His job approval numbers have improved modestly in the last quarter, continuing a trend over the last year.  Obama’s average job approval rating is now up to 46.8 percent. This represents a year of slow but steady improvement since his approval score hit a low of 41% a year ago. From Gallup:

Barack Obama's Quarterly Job Approval Averages

Given that Presidential elections tend to be mostly referendums on the incumbent, the President’s job approval rating is one of the more important numbers in the election. Having the number trending upward would usually make the Obama campaign happy.

While Obama’s approval ratings are improving, they are still not good. He is still well below 50 percent, which puts him in real political danger. By comparison, George W. Bush’s approval rating was 47.9 percent during this same time period in 2004. That is a whole point higher than Obama’s approval rating, but Bush only narrowly won re-election