US Postal Service Reports $6.5 Billion Net Loss for 2023 Fiscal Year
Published on November 15, 2023
WASHINGTON—The U.S. Postal Service on Tuesday reported a $6.5 billion net loss for the 12 months ending Sept. 30 and said it will not breakeven next year as first-class mail fell to the lowest volume since 1968. The Postal Service said revenue fell 0.4 percent to $78.2 billion results. U.S. Postmaster General Louis DeJoy said the loss includes $2.6 billion in inflation costs “above what we projected and what we were able to recover … We are not happy with this result.” The agency has been aggressively hiking stamp prices and is in the middle of a 10-year restructuring plan announced in 2021 that aims to eliminate $160 billion in predicted losses over the next decade and had forecast 2023 as a breakeven year....