USPS loses $865 million in July
Unaudited financial statements files with the Postal regulatory Commission report that the Postal Service lost an additional $865 million in July. That’s better than the $1.3 billion loss reported in June, but brings the total fiscal year to date net loss to $5.6 billion, with two months left left to report in the fiscal year, which ends September 30.
First class mail volume was down 10.9% from July 2008, Standard mail was down by %16.8%, and package services by 18.8%.
On the expense side, total expenses were up by 0.9%, or about $55 million. Personnel expenses, mainly salaries and benefits, were up by 3.8% from the prior year, or $167 million. City and rural carrier compensation expenses were up less than a percentage point from July 2008, while customer service and mail processing compensation (i.e. employees who work inside post offices and processing plants) was down by about 7%, or $104 million. The biggest contributors to the increase in compensation were “other” employees, i.e. administrative, maintenance, postmasters, etc., where compensation was up by 33% or $245 million, and workers compensation payments, up by 17.3% or $18 million.
September 2nd, 2009 07:07
All I hear is the loss of money ,and the decline of mail.Start doing something about all the extra supervisors we have in our office,and for the drop in mail the mail volume is steadily picking up. Its not what it was a while ago , but it is more than your supervisor lets you know.
September 2nd, 2009 08:20
Give me a incentive and I will retire…
September 2nd, 2009 17:17
Give me 5 years credit and I’m gone. Thats the only way.
September 2nd, 2009 19:21
When will Congress ever step in and stop listening to the B.S. that the P.O. and Unions are telling them, there is so much under the radar, that the public just does not understand how the P.O. keeps losing money, it’s called “So many employees that are LAZY and complain about working” or they will file a grievance with the Unions, and the P.O. needs to let go of all the overpaid management people that have no clue what they are doing, but passing it on to the next person.
September 2nd, 2009 20:43
Why not let eligible retirees retire at 80% instead of a mere 68% so that we can make room for all those “Floating regulars ” in the Clerk as well as the Letter-carrier crafts ? The postal service doomed itself when someone came up with the idiotic plan to take away jobs through automation re. flat-sorting machines that cost plenty $$ and other idiotic tools such as scanners $$$ and MSP points ! Why can’t this country realize that it’s citizens need to work to pay taxes and spend $$ to keep this country moving !! Automation has always spelled disaster to the working people ! This country’s morale is Leaking !!Why do we need a space program while people are forced to sleep in their cars or in the streets? Our tax $$ are suppose to be for US and our needs. Our streets look and feel like hell . We do not need un-employment but
a reason to feel Valuable !! God bless America !
September 2nd, 2009 22:33
The postal service must diversify to survive. One way would be for the postal service to sell insurance like The NALC’s plan to the general public. This process may be able to be worked into the new Obama health care plan with congressional approval.
September 3rd, 2009 17:51
Will there ever be an incentive to quit?