Americans Feeling Better About Economy, but Not About Obama

At IBD, "Independents Sour On Obama Despite Better Economy":

Americans are feeling better about the economy, but they aren't giving President Obama credit as he seeks re-election, according to the latest IBD/TIPP survey.

The Economic Optimism Index shot up 11% in January to 47.5, still below the neutral 50 level but the fifth straight monthly gain and the best reading since February 2011.

Meanwhile, the Presidential Leadership Index fell 3.3% to 46.7, little changed over the last several months despite less gloomy views on the economy.

Most ominously for Obama, the president's leadership rating fell 9.7% among independents to 41.7. They disapproved of his job performance by 52%-39% in January vs. 46%-44% in December.

Obama will find it very difficult to win in November without substantial support from this key voting bloc. He won them 52%-44% over GOP candidate John McCain in 2008. The IBD/TIPP poll shows that 40% of independents think Obama deserves a second term while 52% prefer a "different candidate." The re-elect numbers across all voters are 45%-49%.

January's economic bounce may reflect typical "New Year hopes," says Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD's polling partner.

However, recent data suggest that the U.S. economy is gradually firming, including manufacturing and jobs. It's unclear though if that can continue with Europe falling into recession and global growth slowing significantly.

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