Obama continues to do well with racial minorities, and his overall 48% approval rating is not too bad, when put into historical context:
Presidential Approval, Jan. of Re-election Year
Approve Disapprove Year
Obama 48% 48 2012
Bush-43 58 40 2004
Clinton 53 43 1996
Bush-41 45 52 1992
Reagan 57 39 1984
Carter* 56 33 1980
Ford 46 42 1976
Nixon 49 39 1972
Johnson 48 39 1968
Eisenhower 76 12 1956
Truman 53 32 1948
Roosevelt 64 37 1940
ABC News
*1980 and previous, Gallup