Postal Service loses $865 million in July

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Washington, D.C.—The U.S. Postal Service continues to hemorrhage money, reporting an $865 million loss for July.

That was an improvement over the $1.3 billion loss in June, but with two months to go before the Sept. 30 end to its fiscal year, the USPS already has lost $5.6 billion, putting it on track to far surpass its 2009 fiscal year deficit of $2.8 billion.

Unaudited financial statements filed with the Postal Regulatory Commission reported that the volume of standard mail was down 16.8% in July year over year, with first class mail volume off by 10.9%.

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