Mail and profit still shrinking
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.