Postal Service losses continue to mount
The U.S. Postal Service announced plans to cut up to 3,700 of its 32,000 post offices across the country as it seeks ways to cut financial losses as mail volume dwindles. (July 26, 2011) Credit: Getty Images
The Postal Service said Friday it lost $3.1 billion in the April through June period.
That brings losses for the year to $5.7 billion, and the agency could be forced to default on payments due to the federal government at the end of the fiscal year in September.
Losses by the post office have been mounting over the last few years as more private mail and bill payments were switched to the Internet, and the recession caused a reduction in the volume of business mail.
In the three months from April through June the post office handled 39.8 billion pieces of mail. That’s 1.1 billion fewer items than in the same period a year ago.
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