A majority of Americans support military action in Iraq, but most of them want President Bush to build a broad alliance in the United Nations before taking any action, according to a new poll.

The president is not doing so well with voters on his work on the economy, reaching his lowest rating on the issue since he began his presidency, a new CBS-New York Times poll reveals.

The president's job approval rating dipped to 54 percent, falling from the 60 percent marker it has hovered at for several months. A Fox News-Opinion Dynamics poll out Thursday showed the president's approval rating at 57 percent.

According to the poll, 66 percent of Americans support military action against Iraq, but 63 percent prefer waiting for allies. Thirty-two percent say the United States should take action on its own regardless of allied aid.

People were evenly split on whether the president is looking hard enough for a diplomatic solution.

Of those polled, four in five people said they think another terrorist attack is likely in the near future. Fifty-nine percent thought a war with Iraq would increase the threat of terrorism.  Only 12 percent thought otherwise.

The poll, which was conducted among 747 adults on Feb. 10-12 and with an error margin of plus or minus 4 percentage points, also revealed that two-thirds prefer diplomacy over military action against North Korea, which is developing nuclear weapons. 

The president's handling of the economy definitely needs improvement, according to those polled. Six in 10 Americans believe the economy is in bad condition and only 38 percent approve of Bush's handling of the economy.

A third of those polled said the economy is headed in the right direction while 56 percent said it's on the wrong track.

However, those surveyed were split on what Congress' focus should be. Four in 10, 41 percent, said Congress should concentrate on the economy, three in 10 said Iraq and just over two in 10, 23 percent, said terrorism.

The Associated Press contributed to this report.