The U.S. Postal Service lost $3.1 billion in its third fiscal quarter ending June 30, deepening the Postal Service's financial woes as it gets closer to running out of cash.
The USPS handled 1.1 million, or 2.6 percent, fewer pieces of mail compared to the same period a year ago.
The report comes as the USPS approaches a likely default on retirement payments in September. The Postal Service is reviewing 3,700 offices across the country for possible closing because of decreased business, largely due to the growing popularity of electronic mail.
“We continue to take aggressive actions to reduce costs and bring the size of our infrastructure into alignment with reduced customer demand,” says Postmaster General and CEO Patrick Donahoe.
Operating revenue decreased 1.7 percent year-over-year to $15.8 billion in the third quarter. The USPS mailing service revenue fell 3.1 percent to 13.5 billion within the same period.