Postal Service Reports $5.2 Billion Loss
The U.S. Postal Service reported a $5.2 billion loss in its third fiscal quarter, compared to a $3.1 billion loss in the same quarter last year.
The loss was attributed to retiree health benefits costs and a continued decline in mail volume.
Mail volume fell last quarter by 3.6% while shipping services and package volume rose 5.2%
On Aug. 1 the Postal Service defaulted on $5.5 billion in prefunding payments for retiree benefits and has said it will likely default on a second payment of $5.6 billion due Sept. 30.
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