The U.S. Postal Service on Wednesday announced a loss of $2.4 billion in its third quarter, underscoring the financial woes of an agency already groaning under the weight of the recession.
USPS reported a $1.6 billion decrease in revenue between April and June, and a total net loss of $4.7 billion so far for fiscal 2009. It has now suffered net losses for all but one quarter in the last three fiscal years.
Some attribute the staggering net losses to a requirement, approved by Congress in 2006, that the Postal Service make advance payments to cover the costs of health benefits for retirees.