In the same week his Gallup daily approval rating first fell below 40 percent, a new poll by the same group says approval of President Obama's handling of the economy has hit an all-time low of 26 percent. That number falls in between the 24 percent who favor his handling of the federal budget and the 29 percent who view him favorably on job creation.

The president is wrapping up a Midwest bus tour to talk and listen to Americans about the nation's economic woes and Tuesday the administration said Mr. Obama will present a broad economic plan after Labor Day. But the Gallup numbers show he may have to change course on current economic policies to earn American support.

Gallup last polled on Obama's economic approval numbers in May when the president polled at 37 percent and today's number is nine points lower than his previous low in November of 2010.

Unemployment is hovering around 9 percent and rating firm Standard and Poor's downgraded the U.S. AAA credit rating because of ballooning federal debt and concerns that the political system in Washington will keep deficit reduction from happening.