New U.S. Postal Service Chief Warns of ‘Dire’ Finances

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The head of the U.S. Postal Service (USPS) on Friday said the agency faces a “dire” financial position even as it posted a slightly narrower third-quarter loss amid soaring package demand during the coronavirus pandemic.

Postmaster General Louis DeJoy said USPS has a “broken business model” and is in need of organizational changes. “Without dramatic change, there is no end in sight and we face an impending liquidity crisis,” DeJoy said.

USPS said quarterly revenue rose to $17.6 billion, up $547 million. The quarterly net loss shrank to $2.2 billion from $2.3 billion in the same quarter last year.

First-class mail volume declined by 1.1 billion pieces, or 8.4%. Shipping and packages revenue increased by $2.9 billion, or 53.6%, on a volume increase of 708 million pieces, up 49.9%.

Read more at NEWSMAX.

{Matzav.com}

5 COMMENTS

  1. First class revenue is down because the USPS has been so unreliable. When sending legal documents lawyers no longer use USPS. They will use either Fedex or UPS despite the higher rates in order to be sure that the documents get delivered.
    If it’s non-first class mail, sending is a real gamble. Non-profits that send out calendars, etc. can expect that significant amounts of that mail will never be received by the recipients.

  2. CUT THE SALARIES CUT THE PENSIONS IMCREASE PRODUCTIVITY TO RESPECTABLE ”WORK FOR THE MONEY”
    POOR OUTPUT (EMPLOYEES) RESULTS IN POOR INPUT (CUSTOMER USAGE) LOWER PRICE OF POSTAGE.

  3. One of the absolute requirements in order to be hired by the USPS is that you must be naturally lethargic and dimwitted. If you are caught helping a customer too quickly and the long line actually moves forward, that calls for an instant firing. Going into a post office is the most humiliating experience.

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