Postal Service Lost Billions, Delivered Fewer Packages

The U.S. Postal Service is delivering less mail and losing billions after warning Congress that its fund could dry up soon, Fox Business reports.

In its last quarterly statement, the agency reported losing almost $2.3 billion and delivering 3.2 percent fewer packages, the first decline in package volume in almost a decade, although higher prices led to revenue from packages increasing. It also reported a 1.6 percent decline in revenue from first-class mail, which is the agency’s primary source of revenue, and a 3 percent decline in revenue from marketing mail, and an 11.2 percent decline in revenue from periodicals. The Postal Service suffered a net loss of $3.9 billion in fiscal 2018.

“We continue to face imbalances in our business model that must be fixed through legislative and regulatory change,” Postmaster General and Chief Executive Officer Megan J. Brennan said in a statement.

"Our ability to generate revenue is constrained by law, and our ability to manage costs is equally constrained," she added later on a conference call with reporters and analysts, according to the Washington Examiner.

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