Postal Service posts big loss - WKOW 27: Madison, WI Breaking News, Weather and Sports

Postal Service posts big loss


MADISON (WKOW) -- The U.S. Postal Service suffered an even larger loss than expected last year.

The agency announced Friday it was $8.5 billion in the red for the fiscal year 2010. Earlier estimates speculated the yearly loss would be $6 billion to $7 billion.

This loss comes despite elimination of more than 100,000 jobs and other cutbacks over recent years.

The post office has seen a sharp decline in mail because of increased use of the Internet, as well as a drop in advertising and other business mail due to the recession.

For the year that ended Sept. 30, the post office had income of $67.1 billion, down $1 billion from the previous year.

Powered by Frankly