Fri. Jun 14th, 2024

USPS Third Quarter: the Good, Bad, and the To-Be-Determined

August 16, 2023
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READ FULL ARTICLE AT » www.fedweek.com

On August 8, the U.S. Postal Service (USPS) announced another large, predictable financial loss of $1.7 billion for its third quarter ended June 30, and $5.2 billion for year-to-date. This was supposed to be the year USPS broke even or was even modestly profitable after Congress provided $107 billion in assistance through the 2022 Postal Service Reform Act.

While there have been several positive developments at USPS recently, the organization is caught in a downward spiral, with volume plummeting, revenue down, and losses rising even though the economy is growing. When and if the financials are going to be turned around was not made clear at the August 8 public meeting where the third-quarter performance was announced.

 

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