Big Losses for USPS Not as Big as 2012
(WASHINGTON) -- The U.S. Postal Service is still bleeding money as Congress tries to figure out whether to end both door-to-door deliveries and Saturday service.
So far in fiscal 2013, the Post Office has lost $3.9 billion, and during the last quarter that ran from April through June, the red ink was $740 million.
As terrible as that may sound, things are actually improving, when the situation is matched up against fiscal 2012.
From October 2011 through September 2012, the USPS lost close to $16 billion, so there's very little chance of annual losses coming close to that mark when 2013's fiscal books are closed on Sept. 30.
Even more encouraging, in a relative way, is that 2012's third-quarter losses were an astounding $5.2 billion, so the deficit from the past three months is really just a drop in the bucket in comparison.
The USPS has managed to hemorrhage less money by increasing efficiency, decreasing workers' compensation and expanding its shipping and packaging services.
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