USPS lost $611 million in February - postalnews blog
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USPS lost $611 million in February

The US Postal Service lost $611 million in February, bringing its fiscal year to date losses to $1.5 billion. The loss reflects the continuing impact of the so-called Retiree Health Benefit Trust Fund. Without the $643 million charge for March, the USPS would actually have shown a profit of $32 million for the month, and would be in the black by about $1.7 billion for the year.

Mail volume and revenue continued to slide. First class mail volume was down -9.4% compared with February 2009. Standard mail was up just slightly from last year, and the lower priced service accounted for 51% of total mail volume. Shipping service volumes were also up slightly. Overall revenue was down 3.5%.

USPS expenses were down by 3.9%. Salaries and benefits for employees were down by 6.9% from last year. In the first five months of the current fiscal year, the USPS has reduced expenses by $1.2 billion compared with the same period last year.

Full report (.pdf file)

This entry was posted on Thursday, March 25th, 2010 at 6:24 am and is filed under postal. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “USPS lost $611 million in February”

  • 1
    dave
    March 25th, 2010 14:14

    Well I guess they know what they need to do!

  • 2
    Can't Get Right
    March 25th, 2010 16:45

    Yeaya…..and I need to lose 30 lbs, but that doesn’t mean I will do anything about it…… Other than pick up that DOUBLE WHOPPER combo I’ve been dying for since this morning. Ohh…and of course I’ll get my diet coke……

  • 3
    just a employee
    March 25th, 2010 20:17

    This is for our fearless leaders……………..
    read the article a few times over and over. there is a Clue within the first paragraph, in the third sentence. It may lead you in the right direction on solving our ( your) crisis you managed us in. Keep reading I know you will see it eventually.

  • 4
    jet li
    March 26th, 2010 00:07

    Bravo to ” brilliant management team”! They have driven the USPS down the hill and still getting pay for performance. I can smell bigger bonuses coing their way soon. Thanks them for all the brilliant ideas that they created to treat their employees and customers. Good luck to all.

  • 5
    jet li
    March 26th, 2010 00:08

    Bravo to ” brilliant management team”! They have driven the USPS down the hill and still getting pay for performance. I can smell bigger bonuses coming their way soon. Thanks them for all the brilliant ideas that they created to treat their employees and customers. Good luck to all.