Postal Service Suffers $2 Billion Loss

The United States Postal Service suffered a $2 billion loss in the quarter ending June 30, compared to less than half that amount ($740 million) in the same quarter a year ago. It’s the latest in a bleak trend for the postal service, which has lost money in 21 of the past 23 financial quarters. The USPS’s chief financial officer said $10 billion is needed to replace the postal service’s vehicle fleet and to buy additional package-sorting equipment. The USPS also reported that it will not be able to make the $5.7 billion retiree health-benefit payment to the U.S. Treasury that is due Sept. 30.