The Republicans need either a recession or a genius nominee. They definitely don't have a genius right now.
Well, I'd qualify that as 'if the economy doesn't blow up again by Nov. 2012' since the real unemployment figures are obviously in the teens right now. However, as it stands now I'd say too early to tell for once. The GOP field looks weak and his approvals are simply mediocre (if very heavily racially skewed) as opposed to god awful.
To be fair, real unemployment is always approx 2-4% higher than the adjusted rate produced by DoL.