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U.S. Postal Service reports $2.5 billion quarterly loss
NBC News • • business
Key Points:
- The U.S. Postal Service reported a $2.5 billion net loss for the fiscal third quarter, improving by nearly $600 million compared to the same period last year, but continues to face a severe financial crisis.
- Postmaster General David Steiner warned that new Senate legislation adding ZIP codes could cost USPS $800 million, and the agency is seeking approval for a stamp price increase in January rather than waiting until 2027.
- Without Congressional action, USPS may need to reduce service levels, close thousands of unprofitable post offices, and raise prices to address ongoing losses.
- USPS is considering whether to continue six-day delivery to 170 million addresses, a costly operation that loses money on 70% of routes and 58% of post offices.
- To conserve funds, USPS has suspended nonessential spending, temporarily halted employer pension contributions saving billions, and raised first-class stamp prices from 78 to 82 cents.
