President Obama's approval ratings fell to below 50 percent for the first time since his ratings spiked following the news of the death of Osama bin Laden last month, according to a CBS News poll released on Wednesday.

Just 48 percent of respondents approve of the way he is doing his job, compared to a 57 percent in the days immediately following news of bin Laden's demise.

Obama's approval numbers hovered in the range below 50 percent for most of the past year, though they spiked after the early May announcement that a team of elite Navy SEALs had captured and killed the al Qaeda.

About 79 percent of the poll respondents said the economy is in bad shape, essentially unchanged from April but higher than the 74 percent who reported the condition of economy as poor in January.