USPS Losses Continue, Default on Federal Payments Looming
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The Postal Service is aggressively reducing expenses, including organizational redesign initiatives. Work hours were reduced by 9.2 million hours or 3.1 percent in the third quarter compared to the same period a year ago. During the first nine months of 2011, 2.8 percent fewer work hours were used compared to 2010. The third quarter saw the voluntary retirement of more than 1,850 administrative employees as part of the current restructuring initiative.
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