Postal Service loses $1.3 billion

The U.S. Postal Service lost $1.3 billion during the first quarter of the fiscal year, compared to a $3.3 billion loss during the same period a year ago.

The Postal Service has seen its finances dwindle as more Americans send communications online. The agency’s finances also have been buckling under the weight of future retiree health benefits.

The federal mail agency receives no taxpayer support for its operations. The Postal Service receives its income from mail delivery services.

Earlier this week, the Postal Service announced plans to end Saturday delivery as a cost-cutting maneuver, beginning in May.

Source: Reuters.

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