Quarterly loss hits $3.3B at Postal Service
WASHINGTON - February 9, 2012 (WPVI) -- The U.S. Postal Service is reporting quarterly losses of $3.3 billion, hurt by declining mail volume and mounting costs for future retiree health benefits.
From October through December of 2011, losses were $3 billion more than during the same period in 2010 - even though the final quarter is typically the strongest, due to increased holiday shipping.
The mail agency says that at the rate it's going, it will run out of money by October.
Postmaster General Patrick Donahoe is warning of a possible suspension in postal operations this fall unless Congress acts to address long-term money problems.
He wants new leeway to eliminate Saturday mail delivery, raise stamp prices and reduce health and other labor costs.
u.s. postal service, business/finance
- Police shoot man in Brewerytown 34 min ago
- Spotty, Drenching Downpours
- WATCH: Action News Online
- WATCH ABC is available in Philadelphia!
- Chesco man accused of sex assault on 2 young boys 14 min ago
- I-5 bridge collapses into Washington river 39 min ago
- Woman convicted in fiance's wedding day death
- Boy Scouts approve plan to accept openly gay boys
- Armed robber steals $800 from Northeast Philadelphia bank
- 8 charged in $14M drug operation in SE Pa.
- Missing Skippack student found in North Carolina
- NJ: Caramel-colored rubbing alcohol sold as scotch
- Chase Utley out 2-4 weeks with oblique strain
- Obama to tour Jersey Shore with Gov. Christie
- Police shoot man in Brewerytown
34 min ago
- I-5 bridge collapses into Washington river
39 min ago