Scott Rasmussen of Rasmussen Reports predicted on Monday that President Barack Obama would win the 2012 election if the economy continued to improve.

The latest Rasmussen poll showed Obama with a 7 point lead over the Republican frontrunner, former Massachusetts Gov. Mitt Romney.

"The trends are moving in President Obama's direction," Rasmussen said during an appearance on Fox Business. "Consumer confidence this morning is at the highest level in more than a year, and by the way it is getting near the highest level of the past four years. A plurality of investors now think the economy is getting better."

The Bureau of Labor Statistics reported Friday that the unemployment rate had fallen to 8.3 percent, the fifth straight monthly decline since August. In addition, the private sector added 257,000 jobs in January.

Following the report, Rasmussen found that 37 percent of Americans strongly approved of Obama while 27 percent strongly disapproved.

"The absolute numbers tell one part of the story, but the trends tell another," Rasmussen explained. "If we continue to get good economic news, the president is very likely to be reelected."

An ABC/Washington Post poll released Monday found Obama ahead of Romney by 52 to 43 percent.

Watch video, courtesy of Fox Business, below: