These are the money moves to make during an economic recovery

As more people get Covid-19 vaccinations and the U.S. reopens, people may be wondering what they should do to get on track with their money during an economic recovery.

There are signs that the economy is about to take off. Businesses across the U.S. are reopening as states loosen virus-related restrictions, and employers are hiring again.

In March, non-farm payrolls jumped by 916,00 and retail sales increased nearly 10% following the third round of stimulus payments. At the same time, last week’s jobless claims dipped to 576,000 — still a staggering number, but the lowest since the pandemic surge of layoffs began.

“I think the economy is ready to rip,” Federal Reserve Governor Christopher Waller told CNBC’s Steve Liesman during a Friday “Squawk on the Street” interview. “There’s still more to do on that, but I think everyone’s getting a lot more comfortable with having the virus under control, and we’re starting to see it in the form of economic activity.”

Still, many households are still dealing with the impact of the pandemic and will be for many years, even as the economy recovers. And, even those who weren’t hit as hard by Covid may need to reassess their finances, as lockdowns have shifted priorities and spending habits.

What’s more, money experts say after being caught off guard by the coronavirus pandemic, many Americans may now be more mindful about being prepared for the next possible economic downturn.

Here’s what experts recommend people focus on as the economy reopens and recovers.

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