The beleaguered U.S. Postal Service on Friday reported a $5-billion loss in the last fiscal year and again urged Congress to take legislative action that would help the agency shore up its finances.
The $5-billion loss during the fiscal year that ended Sept. 30 comes even as revenue and productivity have improved, the agency said. It's the seventh-straight yearly net loss for the agency, which has seen mail volume drop precipitously in recent years.
Since 2006, the agency has cut its expenses by $15 billion annually, but first-class mail volume has continued to drop.