As concerns about the struggling U.S. economy grow, a new CBS News/New York poll finds that President Obama’s overall approval rating has dropped to 43 percent, the lowest so far of his presidency in CBS News polling. In addition, his disapproval rating has reached an all-time high of 50 percent.

Views of the president’s job performance are marked by a striking degree of polarization along party lines — the vast majority of Democrats approve (78 percent), while even more Republicans disapprove (89 percent) of how he’s handling his job. But only 37 percent of independents approve, with 54 percent disapproving.

Except for a notable spike in approval after the killing of Osama bin Laden in May, President Obama’s approval rating has been below 50 percent since the spring of 2010.

Not surprisingly, the down economy has had a clear impact on Mr. Obama’s approval rating.

The poll also found that 39 percent of Americans say the economy is fairly bad, and another 47 percent say the economy is very bad – the highest percentage since April 2009. Meanwhile, 13 percent say the economy is fairly good and just one percent say it is very good.

In addition, 72 percent of Americans think the country is on the wrong track — the highest percentage so far since the president took office. Just 23 percent think the country is currently in the right direction.

As for Mr. Obama’s rating on the economy, just 34 percent approve of the way he has handled the economy, with 57 disapproving. And on the issue of job creation, 40 percent approve and 53 percent disapprove.

In the poll, just one in four Americans thinks Mr. Obama has made real progress fixing the economy, with 68 percent saying they do not think he has. Americans are more skeptical now than they were a year ago, when 35 percent said he made progress.

But half the public sees economic conditions as generally out of a president’s hands – 53 percent now say the condition of the national economy is beyond any president’s control and 41 percent of Americans have faith that the economy is something a president can do anything about. As a comparison, when this question was asked back in October 1992, 59 percent said the economy was something a president could do something about (35 percent said no).

In addition, for the first time, more Americans have an unfavorable opinion of the president than a favorable one – 39 percent have a favorable opinion, while 42 percent view him unfavorably. Eighteen percent are undecided.

With just over a year before Mr. Obama faces voters again for re-election, it should be noted that Mr. Obama’s overall approval rating is similar to that of Bill Clinton’s (43 percent) and Ronald Reagan’s (46 percent) about a year before their presidential elections when they won re-election. Conversely, George H.W. Bush had a 70 percent approval rating about a year before the presidential election but then lost his bid for re-election.

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