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US Postal Service reports $586 million net loss for spring

1 year 2 months 1 week ago August 10, 2015 Aug 10, 2015 Monday, August 10 2015 August 10, 2015 11:59 AM in News
Source: Associated Press
By: APNewsNow

WASHINGTON - The U.S. Postal Service is reporting a net loss of $586 million this spring. But that's a big improvement over the $2 billion shortfall for the same period last year.

Postal officials say the loss was mitigated largely because interest rates associated with worker' compensation expenses swung in the cash-strapped agency's favor. Operating expenses outside the Postal Service's control dropped by $1.6 billion for the same period last year to $389 million this spring.

The latest financial statement covers April through the end of June, a time period when the Postal Service says it typically experiences lower revenues.

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