For most of the second half of the twentieth century, the United States led the world in innovating new products, processes and systems, in developing and implementing innovation strategy and policy, and in gathering and publishing innovation indicators. Over the past decade or so, the United States has lost its lead in each of these important domains. Rather than leading the world, the United States now seeks to maintain its position as one among many leaders and to catch up with other leading countries and regions of the world in several of these domains. This chapter first describes and assesses US innovation strategy and policy, considering both their implicit and explicit characteristics. It then turns to a discussion of the state of innovation indicators research and analysis in the United States, including a few thoughts about how innovation indicators both inform and influence policy choices.