US Postal Service reports $586 million net loss for spring
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.