Posted: May 6, 2010 8:30 PM by Michael Marsh
Updated: May 6, 2010 8:30 PM
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.