When and how to relax strict social-distancing and lockdown policies remain open questions. Can we reach herd immunity or is this goal still necessary? How far are we from normalcy, and what kind of “new normal” will that be? The Luohan Academy’s Pandemic Economy Tracking (PET) project has developed a new indicator, namely the effective population immunity rates (EIR), to help answer such questions. It aims to inform decision-making by policy makers and the general public in this vaccination phase of the pandemic economy. We tracked changes to the vital signs of the pandemic economy before and during vaccination, such as death rates, positivity rate of tests, mobility, and policy stringency across a number of countries, especially the frontrunners in the vaccination race.