Thursday, August 5, 2010

USPS posts $3.5 billion quarterly loss as mail volume plunges

The U.S. Postal Service reported a $3.5 billion loss in its most recent quarter Thursday, as mail volume plummets and retiree health care costs mount.

The USPS, a self-supporting government agency that receives no tax dollars, said operating revenue declined 1.8% to $16 billion during the fiscal 2010 third quarter compared to a year earlier, while operating expenses spiked 4.2% to $19.5 billion.

Sunk?!? $14 billion loss a year? You decide.

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