There is no doubt that the COVID-19 crisis has devastated the U.S. economy. But the particulars of this devastation are difficult to gauge, because unique aspects of the of the pandemic distort the data commonly used to assess such situations. In this Kenan Insight, we take a deep dive into the data to learn what it actually tells us about the economic impact of COVID-19, and suggest possibilities for a restart and recovery of the U.S. economy. This briefing features Kenan Institute Executive Director Greg Brown, UNC Kenan-Flagler Business School Professors Elena Simintzi and Saravanen Kesavan, as well as Kenan Institute Research Director Christian Lundblad as they discuss recent economic data releases which show the nation’s largest ever declines in business activity, employment and aggregate wages.