I had the same problem. Even worse though, my pup would get so excited he would make chomping sounds and then tried to lick people in the face and it freaked people out!
He still jumps a little (depending on the person), but huge improvement. I should mention he is a year old now.
We taught him that he gets NO attention until he is laying down. I know it's hard to get an excited puppy to focus, but do not pet your dog, push him off of you, etc. until he is laying down. (If you push your dog off of you, or touching him at all, you are giving him attention and it teaches your dog it is a game so it makes him more excited). Turn your back and keep your distance. Don't get angry or flustered or excited. Only use "no" and "down" until your dog lays on his own. As soon as he is laying give him lots of attention but ignore him again if he tries to jump up again. This worked wonders for me. He still gets a little overly excited when new people come over, but when my boyfriend or I walk in the door he instantly rolls over onto his back and waits for belly rubs!
Another command that helped a lot was "on your bed". It was an easy command to teach and now when he hears it he goes to lay on his bed and cannot get up until I release him. It doesn't stop him from getting excited when he is released from his command, but it keeps him from jumping on people as they are trying to walk in the door.
This is also a command that everybody has to be in on. Anybody (family, friends, neighbors - ANYBODY) who walks through your door needs to help with this training. If one person turns their back, and another lets the dog jump on them, and another gets scared, and another laughs and pets the dog...your puppy will get very confused! If every person that walks through the door ignores your pup until he stops jumping, he will learn very fast that laying down will get him what he wants!
Oh, and also distractions are great! My pup is obsessed with his ball. If he is too excited to see someone I throw his ball in the other direction and play fetch for a few minutes. This calms him down a lot and lets company get inside without too much commotion. On top of that, he is still excited to see people, but not nearly as excited to greet them in the house as he is if they are walking through the door. So now when he sees people in the house he forgets that they just arrived and is much calmer! Its good to always have a treat or toy (or something that your puppy loves) on hand as a distraction, or as a reward for good behavior!
Like I said, we still struggle with this a little. You have to be very consistent with this. He will get it
my suggestion is to master this before he gets too big (it was much easier, and cuter, when a 20 lb puppy was jumping on me as opposed to an 80 lb puppy)!!