U.S. Postal Service $1.3 Billion Loss Presses Congress
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The U.S. Postal Service today said it lost $1.3 billion in the quarter ended Dec. 31 despite cutting costs 9.8 percent, as Postmaster General Patrick Donahoe called on Congress to authorize changes in its business model to halt unsustainable losses.
Cost savings and a 4.7 percent increase in shipping and package revenue offset a 3.1 percent drop in first-class mail revenue from the same period last year, when the post office lost $3.3 billion. Total revenue held steady at about $17.7 billion during the first quarter, the post office’s strongest period because of holiday mailings.