By the Numbers for September 2021
Pension risk transfer activity
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Monthly corporate funding ratio
Trailing 12-month returns by asset class
| 2020 | 2021 | ||||||||||
| October | November | December | January | February | March | April | May | June | July | August | September |
|---|---|---|---|---|---|---|---|---|---|---|---|
| S&P 5009.7% | S&P 50017.5% | Russell 200020.0% | Russell 200030.2% | Russell 200051.0% | Russell 200094.8% | Russell 200074.9% | Russell 200064.6% | Russell 200062.0% | Russell 200052.0% | Russell 200047.1% | Russell 200047.7% |
| BB U.S. Agg.6.2% | MSCI EM15.0% | S&P 50018.4% | MSCI EM27.9% | MSCI EM36.0% | MSCI EM58.4% | MSCI EM48.7% | MSCI EM51.0% | MSCI EM40.9% | S&P 50036.4% | S&P 50031.2% | S&P 50030.0% |
| Global ex-U.S. fixed income5.0% | Russell 200013.6% | MSCI EM16.3% | S&P 50017.2% | S&P 50031.3% | S&P 50056.4% | S&P 50046.0% | MSCI ACWI ex-U.S.42.8% | S&P 50040.8% | Real Estate31.2% | Real Estate30.5% | Real Estate27.1% |
| MSCI EM4.9% | MSCI ACWI ex-U.S.9.5% | MSCI ACWI ex-U.S.10.7% | MSCI ACWI14.0% | MSCI ACWI ex-U.S.26.2% | MSCI ACWI ex-U.S.49.4% | MSCI ACWI ex-U.S.43.0% | S&P 50040.3% | MSCI ACWI ex-U.S.35.7% | MSCI ACWI ex-U.S.27.8% | MSCI ACWI ex-U.S.24.9% | MSCI ACWI ex-U.S.23.9% |
| High Yield3.5% | Global ex-U.S. fixed income8.9% | Global ex-U.S. fixed income10.1% | Global ex-U.S. fixed income8.2% | High Yield9.40% | Real Estate34.4% | Real Estate32.6% | Real Estate35.1% | Real Estate31.6% | MSCI EM20.6% | MSCI EM21.1% | MSCI EM18.2% |
| Cash0.9% | BB U.S. Agg7.3% | BB U.S. Agg7.5% | High Yield7.4% | Global ex-U.S. fixed income6.3% | High Yield23.7% | High Yield19.7% | High Yield15.0% | High Yield15.4% | High Yield10.6% | High Yield10.1% | High Yield11.3% |
| Russell 2000-0.1% | High Yield7.2% | High Yield7.1% | BB U.S. Agg4.7% | Real Estate1.6% | Global ex-U.S. fixed income7.2% | Global ex-U.S. fixed income6.7% | Global ex-U.S. fixed income7.8% | Global ex-U.S. fixed income4.6% | Global ex-U.S. fixed income1.7% | Global ex-U.S. fixed income0.7% | Cash0.1% |
| MSCI ACWI ex-U.S.-2.6% | Cash0.8% | Cash0.7% | Cash0.6% | BB U.S. Agg1.4% | BB U.S. Agg0.7% | Cash0.1% | Cash0.1% | Cash0.1% | Cash0.1% | Cash0.1% | BB U.S. Agg-0.9% |
| Real Estate-21.5% | Real Estate-10.5% | Real Estate-9.2% | Real estate-9.8% | Cash0.4% | Cash0.1% | BB U.S. Agg-0.3% | BB U.S. Agg-0.4% | BB U.S. Agg-0.3% | BB U.S. Agg-0.7% | BB U.S. Agg-0.1% | Global ex-U.S. fixed income-1.2% |
A return to normal for U.S. economic indicators
Growth of wages & salaries
Growth of unemployment and other governmental social benefits (billions)
Personal consumption expenditures
Sources: P&I Research Center; NISA Investment Advisors; Bloomberg LP; U.S. Bureau of Economic Analysis