Postal Service: Red ink for 11th year in row as mail slumps
November 14, 2017 - 7:33 AM
WASHINGTON - The beleaguered U.S. Postal Service is reporting a financial loss for the 11th straight year, citing declining mail volume and costs of its pension and health-care obligations.
It is pleading for more freedom to raise stamp prices to help keep pace with consumer demand for ever-quicker package deliveries.
The Postal Service says it lost $2.7 billion for the fiscal year that ended Sept. 30. That was better than a $5.6 billion loss in the prior year but mainly due to fluctuations in interest rates. The 2017 loss came after a double-digit increase in package delivery couldn't offset drop-offs in letter mail.
The Postal Regulatory Commission is deciding whether to give the Postal Service greater power to raise stamp prices.
The price of a first-class stamp is now 49 cents.
News from © The Associated Press, 2017