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Tuesday, November 24, 2020
Government Postal Service: Red ink for 11th year in row as mail slumps

Postal Service: Red ink for 11th year in row as mail slumps

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WASHINGTON (AP) — The beleaguered U.S. Postal Service is reporting a financial loss for the 11th straight year, citing declining mail volume and costs of its pension and health-care obligations.

It is pleading for more freedom to raise stamp prices to help keep pace with consumer demand for ever-quicker package deliveries.

The Postal Service says it lost $2.7 billion for the fiscal year that ended Sept. 30. That was better than a $5.6 billion loss in the prior year but mainly due to fluctuations in interest rates. The 2017 loss came after a double-digit increase in package delivery couldn’t offset drop-offs in letter mail.

The Postal Regulatory Commission is deciding whether to give the Postal Service greater power to raise stamp prices.

The price of a first-class stamp is now 49 cents.


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