USPS Loses Staggering $15.9B for Fiscal Year

WASHINGTON, DC—The U.S. Postal Service (USPS) ended the 2012 fiscal year (Oct. 1, 2011–Sept. 30, 2012) with a record net loss of $15.9 billion, compared to a net loss of $5.1 billion for the same period last year. The loss included expenses of $11.1 billion related to two payments to prefund retiree health benefits.