I feel badly for you and also for your dog. His behavior is most likely due to overbreeding.

We had a chocolate Lab, Maggie, who was an excellent Lab. This was back in the mid 80's. She was actually Dog of the Day. http://dogoftheday.com/archive/1999/June/06.html

Anyway, she came from careful breeding and was not hyper at all.

You should talk to your vet to see if medication may help. Hopefully as he grows a bit older he will calm down.

Casey was a pretty active pup but she calmed down when she turned about 2 years old.

Good luck.