The latest Harris Poll on the economy finds that public gloom is still pervasive and that President Obama's rating on the economy has fallen to its lowest level yet. The new data contains nothing but bad news for the Democrats as we approach the November 2nd elections.

The President's rating on the economy is now 73% negative, compared to 71% in September, 68% in August and 64% in May. Only 30% of the public expects that the economy will improve in the next year, and only 22% believe that their own household's finances will be better in six months time.

These are some of the results of The Harris Poll of 3,084 adults surveyed online between October 11 and 18, 2010 by Harris Interactive.

Other interesting findings include:

- In addition to the large majorities of Republicans (92%) and Independents (78%) who give the President negative ratings on the economy, fully 51% of Democrats do so, as well;

- At least seven in ten of all generations give the President negative ratings on the economy, including 70% of people aged 65 and over, the generation that usually has the highest turnout in mid-term elections. Almost three-quarters (72%) of Echo Boomers (those aged 18-34) also give the President negative ratings (and these were some of his strongest supporters during his presidential campaign);

- While most people have very negative views on the economy, only 30% think it will get worse -- the same number as think it will get better --in the next year. Two in five Americans (40%) believe that the economy will stay the same in the coming year;

- Few people accept the official view that, according to the National Bureau of Economic Research, the recession ended in June 2009. Indeed, only 6% of all adults believe that the recession is over. A slender majority (54%) believes that the "recovery has started but the recession is not over" and 33% believe that the "recovery has not started."

So What?

These poll results show that the public is as pessimistic, or more pessimistic, than ever about the economy, strengthening the belief that that the Democrats will suffer very badly in the elections. The concern for the White House may be in looking past this November towards November of 2012 and what that may portend for President Obama's re-election.