Post Office was $3.8 Billion in the Red Last Year

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) - The Postal Service reported a net loss of $3.8 billion for the 2009 fiscal year, about $1 billion more than the previous year.

The loss comes despite a reduction of 40,000 in career employees and billions in cost-cutting measures.

Postal Chief Financial Officer Joseph Corbett called the year "one of the most challenging in the history of the Postal Service."

The post office has been facing a decline in mail volume caused by the shift to the Internet, as well as the recession, which resulted in a drop in advertising mail.

Postmaster General John Potter is seeking permission from Congress to reduce mail delivery from six days-a-week to five. The agency is consolidating mail facilities, looking to close some offices and looking for new sources of income.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 70214227 -
Gray Television, Inc.