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The U.S. Postal Service lost $1 billion last quarter, according to the agency’s most recent financial report. This is particularly distressing news because this red ink came during the holidays’ peak mailing season.
The losses stem partly from inflation driving up operating costs: Gasoline, worker compensation and just about everything costs more. The bigger problem was a slide in revenue. The agency’s annual revenue was $2.2 billion less than its 2021 take. Holiday season deliveries were 1.5 billion fewer than in 2021 and, it is worth noting, 3.3 billion fewer than in 2017.
