Labor Day 2011 finds the US with the lowest portion of the 16-24 year old demographic employed since the government began tracking the youth market in 1948.

Unemployment among that group this summer stood at 18.1 percent, according to the Bureau of Labor Statistics’ annual Labor Day weekend report, down a percentage point from the year before. However, only 59 percent of that age group was participating in the job market, either working or searching for a job.

Overall unemployment stands frozen at 9.1 nationwide. This depressing news isn’t shocking as warnings of the societal dangers are well known and have been sounded for almost three years. In October 2009 Business Week worried about the lost generation unable to enter the workforce and start careers.

Studies suggest that an extended period of youthful joblessness can significantly depress lifetime income as people get stuck in jobs that are beneath their capabilities, or come to be seen by employers as damaged goods.

Maybe somebody should do something about this.

Would that Obama’s long awaited pivot to jobs speech might offer some hope or even change. Since the President has secured Speaker Boehner’s approval for the date and time for the speech there are calls (again, still?) for him to act boldly. Maybe he has something more creative up his sleeve than the cancelation announced Friday of scheduled changes to EPA clean air regulations. The Chamber of Commerce which lobbied hard for this move claims loosening regulations will aid job creation. Naturally it will also save industry expenses.