39% would vote to reelect Obama, 50% would vote for someone else

American voters are more confident that the economy will improve in the next year, but trust in major institutions continues to fall -- a slump that mirrors Pres. Obama's tumbling approval rating.

Seven in 10 voters say the economy will improve over the next 12 months, according to the new Allstate/National Journal Heartland Monitor poll, while just 27% believe the economy will worsen. But 56% of voters say they have less confidence that elected officials in DC will make good financial and economic decisions.

Voters also say they have less confidence than they did a year ago in major corporations (50% say they are less confident), investment banks (55%) and national banks (51%) to make wise fiscal decisions.

As trust in national institutions falls, so has Obama's approval rating. Just 48% approve of the job Obama is doing, while 46% disapprove, the poll shows. That's down from a 61% approval rating Obama sported in an Allstate/National Journal poll conducted in April '09.

Voters have lost faith in Obama to craft solutions to the country's economic challenges. Just 39% say they trust Obama more than GOPers in Congress, while 32% say they believe the GOP has the right ideas. That 7-point gap is down from a 29-point Obama advantage in the April '09 poll.

Only 39% of voters said they would vote to re-elect Pres. Obama if the election were held today, while 50% say they would vote for someone else. A quarter of voters would definitely vote to re-elect Obama, while 37% would definitely vote for someone else.