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Postal Service losing billions and delivering fewer packages as it burns cash

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Not only is the U.S. Postal Service delivering less mail – it is now delivering fewer packages after it warned Congress it could run out of cash in the not so distant future.

In the agency’s latest quarterly statement, it reported a net loss of nearly $2.3 billion as it delivered 3.2 percent fewer packages.

Revenue from packages, however, increased due to higher prices.

 

But the decline in package volume – the first decrease in nearly a decade – could spell even more trouble for the financially-stricken agency, as its courier competitors ramp up delivery efforts to compete with the likes of Amazon. Packages were also one area of concentration for the Postal Service as it worked on a reform plan to shore up its finances.:snip:

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