(WASHINGTON) — The U.S. Postal Service is losing even more money.
Despite seeing increased revenue across all products, the USPS on Monday reported a $2 billion loss in the quarter ending June 30 — a significant increase from a $740 million loss this time last year.
In fact, over the last 23 quarters, the agency has reported a loss in every single quarter but two. The two exceptions were because Congress rescheduled retiree payments.
The Postal Service has seen decreasing volumes for a number of years and faces growing operational expenses as well as increased consumer preference for private shipping companies such as FedEx and UPS.
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Paul Menser, BizMojo Idaho
Erin McClam, CNN
Jackie Wattles, CNN