NATIONAL BRIEFING : WASHINGTON, D.C. : Postal Service down $3.8 billion
The Postal Service reported a loss of $3.8 billion last year, despite a reduction of 40,000 full-time positions and other cost-cutting measures.
The loss was $1 billion more than the year before, postal officials said.
The post office has been struggling to cope with a decline in mail volume caused by the shift to the Internet as well as the recession that resulted in a drop in advertising and other mail.
Total mail volume was 177.1 billion pieces, compared with 202.7 billion pieces in 2008, a decline of almost 13%.
For the fiscal year that ended Sept. 30, the agency had income of $68.1 billion, $6.8 billion less than in 2008. Expenditures were down $5.9 billion, to $71.8 billion.
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