Ouch.
I am not a big one for polling organizations like Gallup that generally only poll “adults” (which can mean literally anything as far as methodology goes), as compared to outfits like Zogby and Rasmussen that poll “registered voters” and “likely voters”, which is a much more accurate methodology.
On the other hand, when ANY poll shows these type of numbers, it is worth noting.
From Gallup:
A new low of 26% of Americans approve of President Barack Obama’s handling of the economy, down 11 percentage points since Gallup last measured it in mid-May and well below his previous low of 35% in November 2010.

Maybe more interesting and consequential is the continuing erosion of independent support for the president:
Obama earns scant support on the issues among Republicans, and does not do much better among independents. In contrast to Democrats’ majority approval of Obama on all seven issues tested, fewer than half of independents approve of the president’s handling of any of these.
As I first noted in 2009, general independent support for Democrats has been steadily eroding and that has also spilled over into Obama’s numbers, in particular. Since it is virtually impossible for a Democrat to win a national election without a very high percentage of the indie vote, this bodes quite ill for Obama at present. Granted, it is still a good 14.5 months until the election, but this cannot be very comforting for the White House.
Of course, I have long said that I do not really expect Obama to even be on the 2012 ticket, as I have long had a feeling that his own party will “Nixon” him out well before. Anyway, at the very least, I expect multiple primary challengers to him come early 2012. Ala Ted Kennedy in 1980 and just as serious. Polls with these type of results only help cement that belief.