USPS net loss reaches $1.9 billion in fiscal first half

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Washington, D.C.—The U.S. Postal Service posted a $1.9 billion net loss for the first half of its fiscal year that ended March 31.

Contributing to the loss has been a continuing drop in mail volume, as business and personal communications increasingly are shifted to electronic forms. USPS reported that 88.1 billion pieces of mail were delivered in the first six months of the current fiscal year, a 6.3% drop from the year-earlier period.

To regain viability USPS is seeking congressional approval to eliminate Saturday mail delivery and for relief from an annual payment of more than $5 billion for retiree health benefits.

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