United States Post Office Posts Another Quarterly Loss
Remind me again how Obama’s take over of health care is going to ’save money.’ Via BizJournal:
Even as signs of a rebounding U.S. economy mount, the postal service warns it may not benefit fully from any such recovery.
“Unfortunately, economic drivers that significantly affect mail volumes, such as continuing high unemployment levels and lower investments, appear to be lagging general economic recovery,” said USPS chief financial officer Joseph Corbett in a statement. “This situation, coupled with the growth of electronic alternatives to mail, creates a very challenging environment.”
Mail volume fell 8.9 percent in the fiscal first quarter, and Corbett believes total 2010 volume will fall to 167 billion pieces, down 10 billion from last year’s total.
The U.S. Postal Service has lost money for three straight years and is expected to post a fourth consecutive loss in 2010.
UPS is operating in the same ‘challenging environment’ and has earned a net income of $1.649 billion over the last year (ttm).
Obama even said it’s the post office that is always having the hard time…
Comments are closed.