This puts him about in the middle of the last 8 presidents to have an 18th quarter rating. Eisenhower, Clinton, Reagan, and Truman had higher ratings. And Johnson, Nixon, and Bush had lower 18th quarter job approval ratings. Bush went on to have an even lower 19th quarter rating of 43.9% -- and that was before his Great Recession kicked in. I don't expect Obama's 19th quarter rating will be that low.
I don't think this gives any kind of edge to Republicans though. The truth is that the public is not happy with anyone in Washington these days, because nothing is being done to pull this nation out of its economic troubles. And they are far angrier with Congress than with President Obama. While the president has a job approval rating of 47.9%, the job approval rating for Congress (released last week by Gallup) was a dismal 15%. That's because of the congressional gridlock, which most Americans blame on Republicans.