Postal Service Loss Widens as First-Class Mail Volumes Fall
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The U.S. Postal Service, which says it will be insolvent by September without congressional permission to delay a required payment, reported a widening second-quarter loss as first-class mail volume declined.
The loss expanded to $2.6 billion in the three months ended March 31 from $1.9 billion a year earlier, Louis Giuliano, the chairman of the Postal Service’s board, said today at a meeting in Washington. Revenue declined 2.8 percent to $34.1 billion. The volume of first-class mail, the most profitable mail type, fell 7.6 percent.