The Postal Service’s financial hardships continued in the first quarter of this fiscal year as the agency waits for Congressional action to address its mounting debt. The U.S. Postal Service ended the first three months of its 2013 fiscal year (Oct. 1 – Dec. 31, 2012) with a net loss of $1.3 billion. Continued growth in shipping and package revenue (+4.7 percent) and increased efficiency helped mitigate but could not fully offset the financial effects of continued First-Class Mail volume declines and costs that are beyond Postal Service management control.
As a result, the Postal Service announced last week that it would move forward with accelerated cost-cutting actions necessary to help maintain liquidity because Congress has not passed comprehensive postal reform legislation.