Postal Service: More financial loss as mail delivery slumps

Posted at 9:55 AM, May 11, 2018
and last updated 2018-05-11 09:55:25-04

WASHINGTON (AP) — The U.S. Postal Service is reporting another quarterly loss. That’s because strong gains in package deliveries were outweighed by an unrelenting decline in mail volume and the costs of its health care and pension obligations.

The financial report released Friday comes amid sharp criticism from President Donald Trump, who says the Postal Service is being scammed out of billions by Amazon and other online retailers.

The Postal Service is seeking greater freedom to raise stamp prices to help cover costs. It warns of a weak financial situation that demands attention to allow for much-needed investments in package delivery in the e-commerce age.

The Postal Service report shows a net loss of $1.3 billion between January and March, larger than a $562 million loss in the same period last year.