Post Office Reports Loss Of $5 Billion For Year

USPS service delivery truck in a residential a...

USPS service delivery truck in a residential area of San Francisco, California (Photo credit: Wikipedia)

WASHINGTON (AP) – The U.S. Postal Service said Friday it lost $5 billion over the past year, and postal officials again urged Congress to pass legislation to help the beleaguered agency solve its financial woes.

In a positive sign, the loss was a fraction of the record $15.9 billion the Postal Service reported losing last year. But it was still the agency’s seventh straight annual loss and came despite its first growth in revenue since 2008.

Operating revenue rose 1.2 percent to $66 billion, thanks to growth in the post office’s package delivery business and higher volume in standard mail. That was not enough to offset long-term losses in first class mail – the post office’s most profitable service – where revenues declined by 2.4 percent.

Read more at http://www.philly.com/philly/business/20131115_ap_bec035dfa75648f5a1f03a745ca1eb46.html#OcVHlq2UB7XQFb1U.99

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