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Mail and profit still shrinking

5 years ago May 06, 2010 May 6, 2010 Thursday, May 06 2010 Thursday, May 06, 2010 7:30:20 PM EDT in News
Source: Associated Press

The amount of mail moved by the Postal Service is still on the decline and the amount of red ink is growing.  The Postal Service had a net loss of $1.9 billion at the end of March, halfway through its fiscal year.  The decline in mail is blamed on a combination of the recession and the internet.  Postal executives asked Congress to halt Saturday mail delivery and for relief in paying more than $5 billion in advance for retireee health benefits.  Its also trimmed payroll, slicing 47,000 positions.  Since 2008, it cut 120,000 jobs.

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