Hope has turned to doubt and disenchantment for almost half of President Barack Obama’s supporters.

More than 4 of 10 likely voters who say they once considered themselves Obama backers now are either less supportive or say they no longer support him at all, according to a Bloomberg National Poll conducted Oct. 7-10.

Three weeks before the Nov. 2 congressional elections that Republicans are trying to make a referendum on Obama, fewer than half of likely voters approve of the president’s job performance. Likely voters are more apt to say Obama’s policies have harmed rather than helped the economy. Among those who say they are most enthusiastic about voting this year, 6 of 10 say the Democrat has damaged the economy.

A year after the official end of the U.S. recession, growth has slowed again without big gains in employment. Joblessness, which was 9.6 percent in September, has barely budged since reaching a 26-year high of 10.1 percent last October. Gross domestic product has slowed from a 5.0 percent annual growth rate in last year’s final quarter to 1.7 percent during the second quarter.

While stocks have risen since Obama took office Jan. 20, 2009, the gains largely came during his first year. The Standard & Poor’s 500 Index is up more than 44 percent since Obama was inaugurated, though only 4.5 percent this year.

Obama responded to the financial crisis he inherited by embracing the Bush administration’s $700 billion bank bailout, as well as a taxpayer-financed rescue of the auto industry, and providing a $814 billion economic stimulus program and the biggest overhaul of financial regulations since the Great Depression.

The poll shows that almost two-thirds of voters believe the country is on the wrong track and unemployment is the top concern for about half the electorate. The budget deficit, which was $1.291 trillion for the fiscal year that ended Sept. 30 and $1.416 trillion for 2009, ranks as the second most pressing issue, cited by 27 percent.

Obama’s deteriorating job-approval numbers are balanced by continuing regard for him personally: 53 percent of voters have a positive view of the president in the October poll, up from 49 percent in a July survey.

In a hypothetical presidential match-up against one of the Republican Party’s most prominent figures, Obama beats former vice presidential nominee Sarah Palin 51 percent to 35 percent.

Former President George W. Bush and Republicans in Congress still get more blame than Obama or congressional Democrats for the condition of the economy. The White House is trying to tap this current of public opinion with a campaign theme portraying a vote for Republicans as a move “backward” on the economy.

Two-thirds of likely voters say Bush hurt the economy and 57 percent say congressional Republicans have. Forty-seven percent say Obama’s policies have damaged the economy and 53 percent say congressional Democrats have done so.

While some prominent corporate leaders have complained Obama is too anti-business, most voters don’t share that concern. More than half believe Obama has struck the right balance or is too pro-business. Only 36 percent of voters consider the president anti-business.

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(Read More: Bloomberg News)