President Obama has lost the slim lead he once held over Republican challenger Mitt Romney, according to a new Associated Press-GfK poll.

Researchers say the economy is to blame for Obama's decline. His drop in the polls comes after three months of declining job creation.

Fewer Americans believe the economy is getting better, and the majority don't agree with the way the president is handling it. Only 30 percent of registered voters say the country is headed in the right direction.

Meanwhile, the poll shows that Romney is bouncing back from the brutal Republican primaries, with an increased number of his supporters saying he has their vote.

Nevertheless, 56 percent of those surveyed believe Obama will win a second term.