USPS Registers $2.8 Billion Loss for FY 2008
WASHINGTON, DC—With mail volumes continuing to dwindle and added costs mandated by the Postal Act of 2006, the U.S. Postal Service finished its 2008 fiscal year with a net loss of $2.8 billion. The loss came despite cost-cutting measures in excess of $2 billion, including 50 million fewer work hours. However, mail volume plummeted by 9.5 billion pieces to 202.7 billion, a decline of 4.5 percent compared to 2007. The USPS also cited the national economy and the use of electronic mail as reasons for the decline.