Buried in the very poor job numbers released on Friday was even worse news for youth seeking jobs, who now face the grimmest summer job market in 41 years.

Joseph Pisani of CNBC reports:

Employment among 16-to 19-year olds in May grew by just 6,000, the smallest increase since 1969, when teen jobs fell by 14,000, according to government data analyzed by employment firm Challenger, Gray & Christmas. In May 2008 and 2009, teen employment grew by over 110,000.

"It's certainly a preliminary strong indication that it's going to be a tough job market for teens," said John Challenger, CEO of Challenger, Gray & Christmas.

Jobs traditionally given to teens are apparently going to older workers who are willing to take low paying job to make ends meet. Employment among 20- to 24-year-olds grew by 270,000 in May, an unusual spike, considering that employment in the same age group fell by 261,000 in May 2009.

"Also impacting the job market for young adults are the large number of older adults who are willing to accept even a temporary, seasonal position simply to generate some income.

At home, he is pursuing economic policies that will eventually lead to a return to the stagflation of the 1970s. There is essentially no new jobs creation in the private sector because Obama has scared the daylights out of small businesses and no one wants to invest or expand in this economic climate. Meanwhile, the steady cranking of the government printing presses to pay for our gargantuan deficits almost guarantees that inflation will eventually return. Once the Bush tax cuts expire at the end of this year, the recovery will take a huge hit as taxes go up. Higher unemployment, higher inflation, and ultimately higher interest rates are what lie before us. Taken together these three things mean a higher misery Index.