Mail volume decline socks Postal Service with $2.8 billion loss

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Washington—The U.S. Postal Service concluded the 2008 fiscal year, which ended Sept. 30, with a net loss of $2.8 billion, as the national economic slowdown lowered mail volume.

The loss occurred despite more than $2 billion in cost-cutting measures that included the use of 50 million fewer work hours compared with 2007. Annual mail volume totaled 202.7 billion pieces, a 4.5% decline from the previous fiscal year. Total revenue was $75 billion, unchanged from last year.

Despite the loss, USPS' on-time mail delivery reached record performance levels in the fourth quarter, with a 97% on-time rate for overnight first-class mail, 94% for two-day service and 93% for three-day service.

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