WASHINGTON, Nov 14 (Reuters) – The U.S. Postal Service on Tuesday reported a $6.5 billion net loss for the 12 months ending Sept. 30 with revenue down 0.4% to $78.2 billion as first-class mail fell to the lowest volume since 1968.
The Postal Service said results were significantly affected by the impact of inflation on operating expenses. The agency has been aggressively hiking stamp prices and is in the middle of a 10-year restructuring plan announced in 2021 that aims to eliminate $160 billion in predicted losses over the next decade.
Postmaster General Louis DeJoy said USPS is “addressing near-term financial headwinds relative to inflation as we make strong progress in our long-term cost control and revenue generating strategies.”
First-class mail volume fell 6.1% in 2023 to 46 million pieces and is down 53% since 2006, but revenue increased by $515 million because of higher stamp prices.
The net loss was also impacted by accounting for its underfunded retirements caused by actuarial revaluation and discount rate changes. USPS, which has 640,000 employees, said it had 28 million less work hours in the 2023 budget year but reported a 2.6% increase in employee compensation and benefits costs to $52.8 billion.
Total operating expenses were $85.4 billion for the year, an increase of $5.8 billion, or 7.3%. USPS said to preserve liquidity it did not make the full $5.1 billion in retirement plan payments due.
In April 2022, U.S. President Joe Biden signed legislation providing USPS with about $50 billion in financial relief over a decade.
Clever. Raise the price of first class stamps, then sell them in hundred stamp lots at a 30% discount, then…?
GO BACK TO MONDAY, TUESDAY, WEDNESDAY, THURSDAY DELIVERY
Friday, Saturday and Sunday post office is closed
Thre post office is suffering from years of mismanagement, greed and cow-towing to the Union. Not even the federal govt can get it back on a level keel.. It is a bottomless money pit.
Their prices are now higher than FedEx and UPS for some items…
Now the USPS is requiring you to pay for services that were previously optional or included.
Another entity being killed by the unions.
7:38, It’s not the Union killing the usps, it’s the employees they are hiring. They employ inferior workers that don’t give a damn about somebody else’s mail. The Union doesn’t do the hiring but they do have to back up the employees that the government hired. That’s what Union representatives get paid to do. The government hires these substandard workers to even out the race disparity. As a former Union construction worker, I always supported the usps
by paying my monthly bills through the mail. Over the last few years I have not received my billing statements or my mailed payment did not get delivered several times. Now I pay my bill by making a 5 minute phone call and I know for sure the bill has been received. Bottom line, The usps is killing their self by hiring inferior workers.
Big LIE or The $$$$ was Stolen !!!! The Democrat Party No Doubt took the $$$$$ !!!!!!
Pelosi 50% / Biden 50% split !!!!!!!
Well > They certainly Overcharge & Gouge on Postage SO Where the Hell did All the $$$$$$ GO ??????
We cannot Afford ANY more Price Hikes in this damn country !!!!!!!
Well maybe they should not have bought all those NEW vehicles Not needed & the other Perks they Enjoy !!!!!
Well maybe they are Over-paid !!! Reduce the Perks & Salarys !!!
Biden took that for Ukraine !!!
Big, ongoing problem is legislation Congress passed some years back requiring USPS to fund its future retirement healthcare costs from current revenues. They have been experiencing in real time what other government units (Fed, states, cities, counties) have been deferring by partial current funding.
That is not to say that every other aspect of USPS is optimal, just that a lot of each year’s red ink is from paying future costs today.
Privatize it, then just let it sink or swim. Between email and private alternatives like FedEx and UPS it’s not really a necessary services anymore.
Gouging us Now !!!! Prices way Tooooo high !!!!! Stop the LIEING about Net-Loss !!!!
More like they made GROSS PROFIT NOT NET LOSS !!!!!!
Over paid SUPERVISORS !!!!