Post Office Loses $1.2 Billion
The U.S. Postal Service lost $1.2 billion in the first 3 1/2 months of this fiscal year, the agency reported today.
The loss occurred between the start of the agency’s fiscal year on Sept. 22 and Jan. 11, and officials said it underscored the need for the postage rate hike that took effect Sunday.
The law requires the post office, which no longer receives a taxpayer subsidy, to break even in its operations. The loss occurred despite a productivity increase of 1.4% during the same period, according to Postmaster General Anthony Frank.
Mail volume for the period rose, boosted by 24 million pounds of letters and parcels sent to the troops in the Persian Gulf.
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