- WND - http://www.wnd.com -

U.S. Postal Service reports $5-billion yearly loss

Posted By -NO AUTHOR- On 11/15/2013 @ 5:35 pm In Money,U.S. | No Comments

(Los Angeles Times) The beleaguered U.S. Postal Service on Friday reported a $5-billion loss in the last fiscal year and again urged Congress to take legislative action that would help the agency shore up its finances.

The $5-billion loss during the fiscal year that ended Sept. 30 comes even as revenue and productivity have improved, the agency said. It’s the seventh-straight yearly net loss for the agency, which has seen mail volume drop precipitously in recent years.

Since 2006, the agency has cut its expenses by $15 billion annually, but first-class mail volume has continued to drop.

Article printed from WND: http://www.wnd.com

URL to article: http://www.wnd.com/2013/11/u-s-postal-service-reports-5-billion-yearly-loss/

© Copyright 1997-2013. All Rights Reserved. WND.com.