The U.S. The waste, fraud, and inefficiency of DOD far exceeds the operating losses of the Post Office. The financial losses for the fiscal year ending Sept. 30 were more than triple the $5.1 billion loss in the previous year. All rights reserved. A post office that loses a few billion dollars a year is affordable for a country with a GDP of $20 trillion. Without legislative changes, it said, annual losses will exceed $21 billion by 2016. Many in the industry point to these improvements as a sign that the agency does not need to make the drastic service cuts it has sought. "We are far short of liquidity," Corbett said. After the Post Office statutory corporation was changed to a public company, Royal Mail Group, in 2001, Post Office Counters Ltd became Post Office Ltd. Postal Service on Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy. The Postal Service is the only government agency required to make such payments. Fears for Post Office services hit by losses of Card Account footfall. That positive cash flow came despite a large reported net losses — $7.5 billion the most recent nine months, up from a net loss of $5.9 billion in the year earlier period. The agency said on Monday that it lost $2 billion from April to June, compared with a net loss of $740 million in the same period last year, and a $1.9 billion loss in its first quarter. "Given the positive mail trends, it would be irresponsible to degrade services to Americans and their businesses, which would drive away mail - and revenue - and stop the postal turnaround in its tracks," Fredric Rolando, president of the National Association of Letter Carriers, said in a statement. USPS blames much of its financial troubles on a 2006 mandate to stow away billions of dollars for its future retirees' healthcare. Post Office Counters Ltd was created as a wholly owned subsidiary of the Post Office corporation in 1986. WASHINGTON, Aug 11 (Reuters) - The U.S. USPS has focused on its shipping and package business and expanded to Sunday package delivery as more people shop online and need a service to deliver their purchases. Cash levels dipped perilously close to zero last month before bouncing higher due to a surge in election-related mail. WASHINGTON (AP) — The struggling U.S. The number of items mailed in the last year was 159.9 billion pieces, a 5 percent decrease. Last year was the worst for the High Street in more than 25 years as the coronavirus accelerated the move towards online shopping, analysts say. Post Office branches, along with the Royal Mail delivery service, were formerly part of the General Post Office and after 1969, the Post Office corporation. (Reporting by Elvina Nawaguna; Editing by Karey Van Hall and Jonathan Oatis). On the plus side, the mail agency reported that its fast-growing shipping services, which include express and priority mail, grew by 9 percent, helping to offset much of the declining revenue from first-class mail. Postal Service reported Thursday a fiscal 2019 net loss … Many in the industry point to these improvements as a sign that the agency does not need to make the drastic service cuts it has sought. Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. "The U.S. Tap here to turn on desktop notifications to get the news sent straight to you. But he said the mail agency has been hampered by congressional inaction on a postal overhaul bill that would allow it to eliminate Saturday mail delivery and reduce its $5 billion annual payment for future health benefits. Investors, for instance, can expect parcel-shipping rates to rise further as the post office tries to limit losses by controlling what it can. Rural lawmakers are resisting action, worried about closures of postal facilities in their communities. Despite the red ink, the latest announcement showed an improvement from 2012 when USPS lost $15.9 billion that year. Your California Privacy Rights/Privacy Policy. The postal service has lost money for 11 straight years, mostly because of pension and health care costs. Postal Service reported Friday that losses for fiscal 2020 widened to more than $9 billion even as revenue rose, given a drop in demand for mail services and … Donahoe said the post office has been able to reduce costs significantly by boosting worker productivity. Postal Service (USPS) released its financial report for the 2017 fiscal year in which its leadership detailed a greatly concerning loss of $2.7 billion. The rate increase is a temporary measure to mitigate the effects of the recession. But Rep. Darrell Isa, chairman of the House Oversight and Government Reform Committee and sponsor of the House bill, has said he believes postal legislation can be passed this year. For the 2015 fiscal year, the Postal Service recorded a net loss of $5.1 billion, compared with a loss of $5.5 billion in 2014. "I am hopeful that now that the elections are over, my colleagues and I can come together and pass postal reform legislation so that a final bill can be signed into law by the end of the year.". The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. The results marked the 13th consecutive year the mailing agency lost … A view shows U.S. postal service mail boxes at a post office in Encinitas, California, February 6, 2013. A view shows U.S. postal Service mail boxes at a post office defaulted on two of the years! In estimate, was $ 5 billion is the only government agency required to make payments... 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