In the past three to four months, the U.S. economy has recovered somewhat from the COVID-19-induced employment troughs observed in April, while the virus caseloads and deaths at first declined and then surged again, starting in June. However, the partial recovery of U.S. labor markets in the late spring and summer, and more recent trends in virus cases and deaths, do not change the fundamental fact that both employment and health outcomes for the U.S. during the pandemic have been worse than in almost any other high-income country in the world.