Obama polling better than Reagan at similar point
Obama is not polling great-- with just a 46.8% approval rating, but that's better than Reagan was doing this far into his presidency. On July 19th, 1983, The Gipper's approval rating was 2.4% less than Obama's is, even though the economy was doing significantly better then than it is right now.
46.8 is remarkable for a lot of reasons. Ultimately, it seems like a solid core of Americans just won't blame Obama for the shoddy economy.