US Postal Service Reports Mixed Financial Results, Prepares for Holiday Rush

U.S. Postal Service Reports Mixed Financial Results Ahead of Holiday SeasonThe U.S. Postal Service announced a nine billion dollar loss for the last fiscal year, an improvement of five hundred million dollars from the previous year. This is attributed to increased revenue and lower transportation and workers compensation costs. However, the controllable loss, which excludes expenses like workers compensation, worsened from one point eight billion dollars to two point seven billion dollars. Postmaster General David Steiner emphasized the need for flawless execution during the peak shipping season to maintain improved service and attract more package business. The Postal Service saw an increase in operating revenue, a drop in transportation expenses, and a fall in workers compensation costs, but these gains were partially offset by a rise in compensation and benefits. The Postal Service is pushing for reforms, investing in infrastructure, and acquiring new vehicles, including electric ones, to improve service and reduce emissions.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.