40% approve of Obama on economy, down 5 points in a month

Economists have declared the economic recession over largely over, but most Americans don't share their optimism, and they are increasingly blaming President Obama for their money woes.

Mr. Obama's approval rating on the economy has tumbled five percentage points from last month, according to a new CBS News poll, with just 40 percent of those polled expressing full confidence in his actions.

More than half of those questioned (54 percent) said they disapproved of Mr. Obama's handling of the economy. Last month, 45 percent approved. The drop in approval has been seen mostly among independents, just 35 percent of whom now say they approve.

Three in four Americans think the effects of the recession will linger for another two years or more. Just 20 percent said they believed the recession's aftereffects would continue to weigh on their lives and livelihoods for another year or less. The public is generally more pessimistic now than in February.

The national unemployment rate continues to hover just beneath the 10 percent mark, and it is estimated that many more Americans are underemployed - meaning they have given up looking for a full-time job, or are working fewer hours than they would like.

The poll shows widespread concern among Americans when it comes to employment. Seven in ten Americans rated the job market in their area "fair" or "very bad"; only a quarter of those polled described it as "good".

There did appear to be some optimism that the job market would improve over the next year -- but not a lot. While 28 percent said they expected the job market in their area to get better over the next year, twice as many -- 56 percent -- said it would likely remain the same. Another 14 percent predicted even fewer available jobs in the coming years.

Americans gloomy about economic prospects

Views of the country's short- and long-term economic future are gloomier these days than they have been at any time since President Obama took office in January of last year.

Forty-two percent (42%) of American adults now expect the U.S. economy to be weaker in one year’s time, up three points from January and the highest level found in 14 months of regular tracking on the question, according to a new Rasmussen Reports national telephone survey.

Thirty-six percent (36%) believe the economy will be stronger in a year, down two points from last month. That’s the lowest level of confidence measured since tracking began in January 2009.