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USPS reports quarterly loss of $1.9 billion

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Washington, D.C.—The U.S. Postal Service reported a net loss of $591 million for March and $1.9 billion for its second fiscal quarter as mail volume continued to decline. Overall volume declined 2% from March 2012, to 13.3 billion pieces. First-class mail, the Postal Service' most profitable segment, was off by 4.5%, with periodicals down 6.2% and package services down 8.1%. Standard mail, used most often for advertising, was one bright spot, with volume up 0.5% and revenue up 2.1%. The Postal Service continued to cut expenses, down 3.9% from the same period last year, to regain solvency, but it faces political opposition to going further. Last month, Congress blocked its plan to eliminate most Saturday mail delivery. Without regulatory relief, the Postal Service is expected to default once again on $5.6 billion due in September to prefund employee healthcare benefits.
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