The CDC has updated their weekly excess mortality report, which now indicates that all-cause mortality returned to the normal or expected level at the end of August:

In total, there have been 232K more deaths than expected this year, while the CDC currently reports 182K Covid deaths. This 50K person gap can be explained by reporting lags, undercounts, or lockdown-induced deaths.

For those over 45, the all-cause mortality curve mirrors Covid mortality - implying that most of this excess mortality will be attributed to Covid (or Covid panic):

For those under 25, there has been no excess mortality yet this year, at all - which also matches the complete lack of reported Covid deaths in this cohort. The young seem completely immune to bad outcomes from this disease.

For young adults, something odd is happening. Excess mortality rose in the Spring and remained elevated for six months before declining at the end of Summer.

Only 1/4 of the excess mortality seen among young adults has been attributed directly to Covid. The remaining 13K unexplained deaths must be due to panic.

For the very old, 90% of excess mortality this year is attribute to Covid, for the middle-aged it is 75% covid-related. For young adults, three-quarters of excess mortality is due to panic [for children, there is no excess mortality].