COVID-19 has disrupted students, educators and policymakers across the nation. Between March and May of 2020, over 20 million Americans lost their jobs and the unemployment rate shot up to 14.7%, the highest it has been since the Great Depression. More recently, the nation's gross domestic product shrank at an annual rate of 32.9%. As the economy navigates reopening and education systems adjust not only to how they will deliver instruction safely but to make sure that what they are teaching remains relevant, states must understand the labor market changes that have occurred already so they can begin to anticipate future labor market trends. This report examines short-term changes in credential demand based on the economic ramifications of COVID-19 and analyzes factors that may continue to affect credential demand in potential future waves of the pandemic as well as throughout economic recovery. It also examines how credential demand continues to shift, identifies how credentials can support students in the recovery, and considers how credentials can prepare students to support recovery efforts. Throughout, the report focuses on credentials that have been reported to have been earned by K-12 students to remain consistent with previous "Credentials Matter" research and to provide actionable insights for the secondary school systems. [This report was written with support from Joel Simon.]