{"id":2098841,"date":"2023-11-14T17:32:02","date_gmt":"2023-11-14T22:32:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-reports-6-5-billion-net-loss-for-2023-fiscal-year\/"},"modified":"2023-11-14T17:37:36","modified_gmt":"2023-11-14T22:37:36","slug":"us-postal-service-reports-6-5-billion-net-loss-for-2023-fiscal-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-reports-6-5-billion-net-loss-for-2023-fiscal-year\/","title":{"rendered":"US Postal Service reports $6.5 billion net loss for 2023 fiscal year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-postal-service-reports-6-5-billion-net-loss-for-2023-fiscal-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2098841&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>US Postal \u2063Service Reports $6.5 Billion Net Loss<\/h2>\n<p>By David Shepardson<\/p>\n<p>November 14, \u20642023\u2063 \u2013 8:18 PM UTC<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n<script>\ngoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });\n<\/script>\n<\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The US Postal Service has reported a\u2064 staggering \u2062$6.5 billion net loss for the 12 months ending September 30. This comes as\u200b first<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-seeks-to-hike-stamp-prices-to-68-cents\/\" title=\"US Postal Service aims to raise stamp prices to 68 cents.\">-class mail volume<\/a> hits its lowest point since \u200d1968, with revenue down 0.4% to $78.2 billion.<\/p>\n<p>The Postal Service attributes \u2062these results to the\u2062 impact of inflation on operating expenses. In response, they have been raising stamp \u200cprices and \u200dimplementing a 10-year\u2063 restructuring plan \u200bto eliminate predicted losses of $160 billion over the\u200c next decade.<\/p>\n<p>Postmaster General Louis\u200d DeJoy remains optimistic, \u200dstating that the USPS\u200c is making progress in controlling costs and generating revenue. Despite a 6.1% decline in first-class mail \u2063volume, revenue increased by $515 million due to higher stamp prices.<\/p>\n<p>The net loss was also influenced\u2063 by accounting for underfunded retirements caused\u200c by actuarial revaluation and discount rate changes. With 640,000 employees, USPS reported a 2.6% increase in employee compensation and benefits costs to $52.8 billion.<\/p>\n<p>Total operating expenses for the year were $85.4\u200c billion, a\u200c 7.3% increase. To preserve liquidity, USPS did not make the full \u200c$5.1 billion in retirement plan payments due.<\/p>\n<p>In April \u200d2022, President Joe Biden signed legislation providing USPS with $50 billion in financial relief over\u2064 a decade.<\/p>\n<p>Last month, USPS announced \u200dplans to raise the price \u2063of first-class \u200dstamps to 68 \u200ccents from 66\u2063 cents, effective January 21.<\/p>\n<p>First-class\u2062 mail, the \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-reports-6-5-billion-net-loss-for-2023-fiscal-year\/\" title=\"US Postal Service reports .5 billion net loss for 2023 fiscal year\">highest revenue-generating mail class<\/a>, accounted \u200bfor $24.5 billion or\u200d 31% \u2062of USPS&#8217;s 2023 revenue.<\/p>\n<p><sub>Reporting by David\u2063 ShepardsonEditing by Chris Reese and Aurora Ellis<\/sub><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\">Share this post!<\/p>\n<\/div>\n<div class=\"entry-content\">\n<h3>Other Headlines:<\/h3>\n<ul>\n<li>Germany Stands Firmly with Jewish\u200b People<\/li>\n<li>Republicans\u200d Hold Congressional Hearing on \u2063COVID-19 Vaccine Injuries<\/li>\n<li>Crime Surge Blamed on George Soros and Soft-on-Crime Prosecutors<\/li>\n<li>Criticism Arises as \u2063San\u200c Francisco Cleans Up \u200cfor APEC Summit<\/li>\n<li>Chinese Companies Continue \u200bto Buy US Chipmaking Equipment Despite\u2062 Export\u200d Curbs<\/li>\n<li>FBI Struggles to\u2062 Stop Hyper-Aggressive Cybercrime Gang<\/li>\n<li>Microsoft and Google Accept\u200c EU Law \u200con Easier\u200c User Service Transition<\/li>\n<li>Biden Administration\u200b Takes Steps\u2064 to Free Up Wireless Spectrum<\/li>\n<\/ul>\n<\/div>\n<p> <\/p>\n<h2> How is the Postal Service adapting\u200c to the changing\u200c landscape and exploring new revenue \u200cstreams in order to overcome its financial difficulties<\/h2>\n<p><span>  US Postal Service reports\u200b $6.5 billion net \u2063loss<\/p>\n<p>The\u2063 US Postal Service has \u200dannounced a significant net loss of $6.5 billion for \u2063the 12 months ending\u200b on September 30, signaling ongoing struggles for the organization. This comes as \u200bfirst-class mail volume reaches its \u200dlowest point since 1968, and \u2064revenue experiences a decline of\u200d 0.4% to $78.2 billion.<\/p>\n<p>The Postal Service has attributed these sobering\u200c results to the impact of inflation on its operating expenses. As\u200b a response, the organization has taken measures such\u200d as raising stamp prices and implementing a 10-year restructuring plan. The \u200daim of the plan is to eliminate predicted losses of $160 billion over the next decade.<\/p>\n<p>Postmaster General Louis\u200c DeJoy has expressed optimism despite the current challenges. He believes that\u200d with the implementation of the restructuring\u200b plan, the \u2062Postal Service can overcome its financial difficulties and regain stability.<\/p>\n<p>The decline \u2063in first-class mail volume has \u200cbeen a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/behaving-like-a-woke-parallel-government-republicans-punch-back-at-corporations-bowing-to-far-left-mobs\/\" title=\"\u2018Behaving Like A Woke Parallel Government\u2019: Republicans Punch Back At Corporations Bowing To \u2018Far-Left Mobs\u2019\">long-standing issue<\/a> for the Postal\u2064 Service. The rise of digital \u2063communication has significantly reduced the \u200bneed for physical mail delivery. The COVID-19 pandemic has \u200dfurther exacerbated this trend as\u200b more people shifted to online \u2063communication and shopping. The Postal Service\u200c has struggled to keep up with\u200b these changes and faces considerable competition from private \u2063shipping companies.<\/p>\n<p>To adapt to the changing landscape, the Postal Service \u200dhas been exploring new revenue streams. They\u2063 have ventured into new areas such as package delivery \u200band expanded\u200b their\u200d services to \u2064include same-day\u200c and Sunday delivery in select locations. These efforts aim\u2062 to capture a larger share of e-commerce, which has experienced rapid growth in recent years.<\/p>\n<p>Increased postal rates have been another strategy implemented by\u200b the Postal \u2064Service to address its financial challenges. The price of stamps has been gradually rising to reflect the increasing costs of operation. However, it remains to be seen how customers will respond to these rate hikes.<\/p>\n<p>Public opinion on the Postal Service&#8217;s financial woes is divided. Some\u2064 argue for increased government support to ensure the continued existence of this essential \u2062service. Others believe that the Postal Service should operate \u200bas \u200ca self-sustaining entity and focus \u200don finding \u2063innovative solutions to its financial troubles.<\/p>\n<p>In conclusion, the US Postal Service&#8217;s $6.5 billion net loss highlights the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinas-new-home-prices-fall-for-first-time-this-year\/\" title=\"China's home prices drop for the first time in 2021.\">ongoing struggles faced<\/a> by the organization. With first-class mail volume at its lowest point in decades and revenue declining, the Postal \u2062Service&#8217;s financial situation remains \u200dchallenging. However, with the implementation of \u2064its restructuring plan and exploration of new revenue streams, there is hope for \u200cthe organization to overcome its current difficulties and regain\u2063 financial stability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0David Shepardson November 14, 2023 \u2013 8:18 PM UTC Advertisement WASHINGTON, Nov 14 (Reuters) \u2013 The U.S. Postal Service on Tuesday reported a $6.5 billion net loss for the 12 months ending Sept. 30 with revenue down 0.4% to $78.2 billion as first-class mail fell to the lowest volume since 1968. The Postal Service said<\/p>\n","protected":false},"author":1911,"featured_media":2098842,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2098841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2098841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2098841"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2098841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2098842"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2098841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2098841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2098841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}