Only 39% of respondents approve of Obama's job performance in today's Gallup survey, which calculates a three-day rolling average.
Another 54% disapprove of Obama's performance.
Gallup says the results "are based on telephone interviews with approximately 1,500 national adults;" the margin of error is plus or minus 3 percentage points.
Today's poll comes on the eve of Obama bus trip that will take him to Minnesota, Iowa, and Illinois in the coming days.
Obama's approval rating has hovered in the 40% range for much of 2011, peaking at 53% in the weeks following the death of Osama bin Laden.
But Americans' view of his job performance continued to tick downward as the debt-ceiling debate heated up. By the time he signed legislation averting a federal default, he was mired in the low-40% range.
The polling setback comes as the Republican race to unseat him has kicked into overdrive. The past week has been dominated by the activity in Iowa ahead of the Ames Straw Poll, and the entrance of a new contender in Texas Gov. Rick Perry. The candidates have routinely assailed Obama's leadership in appealing to conservative activists who dominate this stage of the nominating contest.
Obama is set to launch something of a counter-offensive on Monday with a three-day bus tour of the Midwest, a trip that includes two stops in Iowa. The White House denied that the itinerary was politically motivated, however.
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