Postal Service Loses $2 Billion In Second Quarter
The U.S. Postal Service continued to bleed money during its second quarter, despite an increase in package revenues and an emergency price hike that took effect in January. USPS has focused on its shipping and package business and expanded to Sunday package delivery as more people shop online and need a service to deliver their purchases. USPS blames much of its financial troubles on a 2006 mandate to stow away billions of dollars for its future retirees’ healthcare. The Postal Service already defaulted on three of its payments into the fund and does not expect to make the next $5.7 billion installment due September 30.
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