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In a month marked by worries about the rising price of oil and home foreclosures after the subprime mortgage crisis, the public seems to agree that the economic outlook is bleak at best, bringing more bad news for an already beleaguered Republican administration.

A new American Research Group poll conducted during and after Friday's 366-point stock market plunge shows that confidence in President Bush and his handling of the economy has dropped sharply in the past month. Only a quarter of respondents said they approve of the president's job performance, down 9 points from last month. Similarly, only 23 percent said they approve of the way Bush has managed the economy -- a 10-point drop since September. At this time last year, Bush's approval rating was at 36 percent, with 42 percent approving of his handling of the economy.

Can the economy rebound from its recent setbacks? Respondents seemed pessimistic, with only 8 percent saying the economy is getting better. Sixty-nine percent said the nation's finances are worsening. When looking forward to a year from now, 53 percent said the economy will be in a worse state -- a 15 percent increase from last month.

The public is nearly split on whether the U.S. is currently experiencing a recession: Four in 10 said yes, and 38 percent said no. Those figures are drastically different from last month, when 52 percent said the country was not in a recession and just 25 percent said it was. When asked to rate the economy, 61 percent classified it negatively.

The overall economic state has consumers worried about their own financial situations, as well. Sixty-five percent rated their household financial situation positively, but eight in 10 said it is getting worse or staying the same.

Blame China
Treasury Secretary Henry Paulson this morning hinted at one possible explanation for the public's economic jitters: the recent stream of recalls of Chinese-manufactured products. A new CBS News/New York Times poll shows that two-thirds of U.S. consumers haven't stopped purchasing products made in China as a result of the safety scares, but other recent numbers suggest that could change as the holiday season approaches.

For now, most consumers remain skeptical about the hysteria over Chinese products fostered in part by the media. Fifty-five percent said they believe the recalls have only made it seem like Chinese imports are more dangerous than those from other countries, while a little more than a third said they are convinced Chinese products actually are more dangerous. Rather than clamp down on Chinese imports, a slim plurality -- 45 percent -- said the U.S. should continue to grant China the same trading privileges it gives to "other friendly nations."

Still, Paulson's warning about the need for cooperation between Chinese and U.S. officials comes at a critical time for retailers, who will be watching to see how the recalls -- many of which centered on toys and other products marketed to children -- affect holiday sales. About three-quarters of Reuters/Zogby poll respondents recently said they would not buy Chinese-made toys this holiday season. That's a promise that will be difficult for them to keep without cutting down on toys overall, because about 80 percent of all toys sold in the U.S. are made in China.

The Public Pulse -- Latest Opinions At A Glance
The table below offers the latest key national numbers. Click on the number in question for poll details. (Last updated April 2)

20% Job approval rating.	28% Job approval rating.	19% Give the economy a positive rating.	20% Say country is going in right direction.

The above icons represent (left to right) Congress, President Bush, the economy and the direction of the country.

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