USPS Posts $3B in Losses

The U.S Postal Service lost $3.1 billion in the third quarter of the fiscal year despite cutting 7,500 administrative positions. The Postal Service also said that it will reach its legal borrowing limit by the end of the fiscal year. Postmaster General Patrick Donahoe said, “We continue to take aggressive actions to reduce costs and bring the size of our infrastructure into alignment.” The agency plans to close 3,600 unprofitable post offices in the next year and Donahoe also hopes to eliminate the Saturday mail delivery service. Though Express Mail and Priority Mail rose 7.3 percent during the third quarter, the agency expects to lose a total of about $9 billion this year.