U.S. Postal Service financial update

Aug 23, 2018, 6 AM

Lobby of a U.S. post office. Photo courtesy of the U.S. Postal Service.

Washington Postal Scene by Bill McAllister

For the quarter that ended June 30, the United States Postal Service reported a net operating loss of $1.5 billion compared to a loss of $2.1 billion in the same period of 2017.

The results give the Postal Service a net loss of $3.4 billion for the nine months of fiscal 2018 compared to a loss of $1.3 billion in the 2017 period.

All signs point to continuing losses said USPS chief financial officer Joseph Corbett in an Aug. 9 news release. Postal revenues climbed slightly in the third quarter to $17.1 billion from $16.7 billion in fiscal 2017.

First-class mail declined by 2.2 percent, and marketing mail increased by 1.6 percent.

Package volume grew but was not enough to erase the agency’s continuing losses.

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