U.S. Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. ... Congress is the key to a reduction is post office locations. Overall, the post office had operating revenue of $65.2 billion in fiscal 2012, down $500 million from the previous year. The government-sponsored mail carrier has now recorded a combined $62.4 billion in losses over the last 10 years. More than 500 workers were dismissed. All Rights Reserved. This past year, USPS reported a $2.7 billion loss. The post office had an even larger loss than expected last year -- $8.5 billion. Among the questions that have been asked, but never fully answered by the USPS or any large outside research organization, is whether this number of employees and this number of postal offices are needed to deliver mail in as timely a fashion as it has for decades. Analysts have cheered the Postal Service’s promise in the digital age. The president wants you to know that the United States Postal Service is “a loser.” “We lose $3 and $4 a package on average. WATCH LIVE: Congress holds joint session to confirm Electoral College vote, Read Trump insists that Pence can decertify results, Watch “The net loss for the quarter declined to $562 million from a $2 billion net loss a year ago, as the Postal Service benefited from declines in operating expenses outside of management’s control,” the report states. “We cannot generate enough revenue or cut enough costs to pay all of our bills.”. Shipping and package revenue jumped 6.6 percent, compared with the same period last year. Revenue came to $69.6 billion, down from $71.5 billion last year. Postal Service posted a net loss of approximately $5.6 billion for fiscal year 2016 (October 1, 2015 - September 30, 2016), as compared to a $5.1 billion net loss for the year ended September 30, 2015. To avert bankruptcy, the post office has defaulted on the multibillion-dollar health prepayments each year since 2012. Jan 05 Post Office Urges Legislative Reforms to Reverse Massive Losses. Subscribe to ‘Here's the Deal,’ our politics newsletter. Postal Service Net Income/Loss By Year . Prentice Capital was up 15.3% net last month, bringing its year-to-date gain to 49.4% net. The waste, fraud, and inefficiency of DOD far exceeds the operating losses of the Post Office. The volume of its most profitable product, first-class mail, fell 1.4 percent as more people communicate electronically, but the temporary rate increase helped offset the losses by bringing a 3.2 percent rise in revenues for that product. In its last complete fiscal year, the USPS had 496,934 career employees. The massive overhang of benefit costs has been of its control. The price of a first-class stamp, now 49 cents, is slated to increase by one penny in January because of inflation. The agency is anticipating a loss of $13 billion in revenue this fiscal year due to the crisis and another $54 billion in losses over 10 years. Jan 05 Benefits are not the only issue. In the year-ago period, it had a profit of $12 million. ... P.O. Learn more about Friends of the NewsHour. Postal Service took a revenue hit this year. The U.S. The U.S. Jan 05 ET The agency said Friday it was in the red for 2010. All figures are for one fiscal year. Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else. The Postal Service, an independent agency, is trying to stay financially afloat as it seeks to invest billions in new delivery trucks to get packages more nimbly to American homes. Has not given that permission and is unlikely to do so net last month, bringing its gain. 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