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Related: About this forumU.S. Postal Service posts loss, even as package deliveries rise
Source: Reuters
BUSINESS NEWS NOVEMBER 14, 2018 / 12:25 PM / UPDATED 40 MINUTES AGO
U.S. Postal Service posts loss, even as package deliveries rise
WASHINGTON (Reuters) - The U.S. Postal Service lost almost $4 billion in 2018 even as package deliveries rose, according to results released on Wednesday, potentially giving U.S. President Donald Trump ammunition against Amazon.com Inc (AMZN.O), which he claims pays too little for the agencys services.
Trump, without presenting evidence, has accused the worlds largest online retailer repeatedly over the past year of taking advantage of USPS by not paying enough for deliveries to make the service profitable.
USPS reported operating revenue of $70.6 billion for fiscal year 2018, which ended on Sept. 30, as sales at its shipping and packages business rose 10 percent.
However, its net loss rose to $3.9 billion from a loss of $2.7 billion in 2017, hurt by rising pay and benefits and higher transport costs, such as gas prices.
-snip-
U.S. Postal Service posts loss, even as package deliveries rise
WASHINGTON (Reuters) - The U.S. Postal Service lost almost $4 billion in 2018 even as package deliveries rose, according to results released on Wednesday, potentially giving U.S. President Donald Trump ammunition against Amazon.com Inc (AMZN.O), which he claims pays too little for the agencys services.
Trump, without presenting evidence, has accused the worlds largest online retailer repeatedly over the past year of taking advantage of USPS by not paying enough for deliveries to make the service profitable.
USPS reported operating revenue of $70.6 billion for fiscal year 2018, which ended on Sept. 30, as sales at its shipping and packages business rose 10 percent.
However, its net loss rose to $3.9 billion from a loss of $2.7 billion in 2017, hurt by rising pay and benefits and higher transport costs, such as gas prices.
-snip-
Read more: https://www.reuters.com/article/us-usa-postal-service-results/u-s-postal-service-posts-loss-even-as-package-deliveries-rise-idUSKCN1NJ2HS
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U.S. Postal Service posts loss, even as package deliveries rise (Original Post)
Eugene
Nov 2018
OP
The post office is not a business and was never intended to turn a profit
YessirAtsaFact
Nov 2018
#1
YessirAtsaFact
(2,064 posts)1. The post office is not a business and was never intended to turn a profit
It exists so red necks (and others) living in the middle of nowhere can get mail delivery at a below market cost.
It is and always has been subsidized.
JayhawkSD
(3,163 posts)2. I'm not entirely clear on details, but...
This loss is bogus. It's caused by Congressional mandate having to do with pension and retiree health care funding that is not consistent with what private industry is required to do. If the USPS requirements were in line with those of private business and industry, they would be incurring minimal to no losses at all.