THE BUZZ!
USPS leaders forecast it would break even this year. It just lost $6.5 billion.
Lastly,
Speaking of a come up.
The USPS was expecting to at least break even for the 2023 fiscal year. Instead the agency reported a $6.5 billion loss.
This significant setback comes despite a 10-year plan lead by the Postmaster General to stabilize the agency’s finances.
But the plan to turn a profit took a hit with slower delivery standards, postage hikes, and unforeseen factors such as inflation and a decrease in mail volume.
Mail volume across the U.S. declined almost 9%, with the number of mailed items falling to about 116 billion, compared with 127 billion the previous year.
The USPS is planning to hike postage rates again in January, marking the fifth rate hike since 2021 and coming on the heels of a July postage increase.
Looks like the US Postal service is in need of some serious assistance.
Source: CBS
