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U.S. Postal Service ONLY loses $5 billion this year

By Catholic Online (NEWS CONSORTIUM)
November 15th, 2013
Catholic Online (www.catholic.org)

The United States Postal Service, or USPS reported a fiscal-year loss of $5 billion over the past 12 months. While that seems like an astronomical sum for money, it's actually far narrower than the $16 billion loss it posted in 2012.

LOS ANGELES, CA (Catholic Online) - The agency says that while its 2013 fiscal-year loss narrowed from nearly $16 billion in the prior year, it's the seventh straight year the agency has reported a net loss.

The federal agency did say it has benefited from growth in its shipping and packages business. In addition, an aggressive cost-cutting which included a drastic reduction in employee hours led to the lesser deficit.

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While the Internet has been blamed for "snail mail's" downfall, package services have remained a promising business as more people shop online and need carriers to deliver the goods. Package volumes grew by 210 million pieces this year.

The Postal Service has since announced a potentially lucrative partnership with online retail giant Amazon.com Inc. The two will be working to deliver packages on Sundays in larger cities such as New York and San Francisco.

Fin a further attempt to put a positive spin on things, for the first time since 2008 operating revenues rose. The USPS said that figures raised to $66 billion from $65.2 billion last year.

There was no denying that this was the seventh consecutive year of overall USPS losses as first-class mail volumes feel. The majority of Americans prefer communicating and paying bills electronically.

In another dent on the agency's coffers, first-class mail, or stamped mail, its most profitable product, fell by 2.8 billion pieces in 2013.

The USPS is also struggling to make massive payments into its future retirees' healthcare fund, which was mandated by Congress in 2006.

Seeking legislative relief from the healthcare pre-funding mandate, the USPS has also sought flexibility to innovate and find other ways to raise revenues. The "magic wand" for this crisis has yet to appear.

With few days left on the U.S. Congressional calendar, it was unlikely any bills addressing USPS issues will pass by year's end.

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