USPS reports $1.5B loss
WASHINGTON - The U.S. Postal Service on Friday is reporting a net loss of $1.5 billion during the first three months of the year, noting that while more people are using its shipping and package services, it's costly to do and revenue from other products have declined.
The Postal Service is an independent agency that receives no tax dollars for its day-to-day operations but is subject to congressional control. It has asked to end most Saturday deliveries. But that request is languishing in Congress amid opposition by postal unions.
According to its latest financial statement, which covers Jan. 1 through March 31, the Postal Service sent 420 million fewer pieces of mail compared to the same period last year.