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New U.S. Postal Service chief warns of ‘dire’ finances as quarterly loss narrows By Reuters

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© Reuters. FILE PHOTO: U.S. postal workers load their trucks with mail for delivery from their postal station in Carlsbad

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By David Shepardson

WASHINGTON (Reuters) – The head of the U.S. Postal Service (USPS) on Friday said the agency faces a “dire” financial position even as it posted a slightly narrower third-quarter loss amid soaring package demand during the coronavirus pandemic.

Postmaster General Louis DeJoy said USPS has a “broken business model” and is in need of organizational changes. “Without dramatic change, there is no end in sight and we face an impending liquidity crisis,” DeJoy said.

USPS said quarterly revenue rose to $17.6 billion, up $547 million. The quarterly net loss shrank to $2.2 billion from $2.3 billion in the same quarter last year.

First-class mail volume declined by 1.1 billion pieces, or 8.4%. Shipping and packages revenue increased by $2.9 billion, or 53.6%, on a volume…



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https://www.investing.com/news/economy/new-us-postal-service-chief-warns-of-dire-finances-as-quarterly-loss-narrows-2258652

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