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The U.S. Postal Service has already lost $2.1 billion in fiscal 2023, according to new figures released by the agency, exceeding its expected losses for this point by 75%.
USPS has blamed inflationary pressures for throwing it off course, though its operating expenses have grown by less than 1% through the first five months of the fiscal year. In February, the Postal Service managed to cut its costs by more than 7%. All told, USPS’ losses in fiscal 2023 have exceeded the same period in fiscal 2022 by 10%. It had projected it would lose just $1.2 billion.