The Postal Service today announced a massive loss for the current fiscal year.
The agency reported an annual loss of $5.1 billion, as declining mail volumes and mounting benefit costs take their toll. The Postal Service said its losses would have been roughly $10.6 billion if not for the passage of legislation postponing a $5.5 billion payment required to fund retiree health benefits. Revenues from First-Class Mail, the Postal Service’s largest and most profitable product, declined 6% from the previous fiscal year to $32 billion. Total mail volume declined by 3 billion pieces, or 1.7%.
Last year the USPS lost $8.5B. Over 3700 post offices are on the proposed chopping block, including the one on my block, dammit.