Obama still leads 48 to 43 percent, but that’s down from a 51 to 41 lead from the same poll in May.

Obama’s approval rating among voters in Iowa has gone underwater over that time, sinking from 49 positive and 46 negative to 47 positive and 49 negative. But Romney’s favorability rating is even further underwater, at 37 positive and 55 negative.

A historically low favorability rating dogged Romney throughout the primaries, and his latest PPP numbers are an improvement over his May numbers, when he was at 34 positive and 56 negative.

Obama leads Romney by 17 points among women in Iowa, while Romney holds a 5 point lead among men. Independents, who have been trending toward Romney nationally, go for Obama in Iowa 46 to 38.

Iowa is one of 12 key swing states the president won in 2008 that the GOP is looking to reclaim. 

Obama defeated Sen. John McCainJohn Sidney McCainSenate's defense authorization would set cyber doctrine Senate Dems hold floor talk-a-thon against latest ObamaCare repeal bill Overnight Defense: Senate passes 0B defense bill | 3,000 US troops heading to Afghanistan | Two more Navy officials fired over ship collisions MORE (R-Ariz.) in the Hawkeye State by 10 percent in 2008. With the exception of 2004, Iowa has gone to the Democratic candidate in every election since 1988.