US Postal Service Announces $6.5 Billion Loss for 2023 Despite Big Plan to Break Even
Despite plans to improve profitability, the U.S. Postal Service has revealed that it lost $6.5 billion in the fiscal year that ended on Sept. 30.
The USPS made the announcement on Tuesday and said there is no way it will break even next year, either, according to Reuters.
U.S. Postmaster General Louis DeJoy said revenue fell 0.4 percent to $78.2 billion. He added that the losses were exacerbated by $2.6 billion in inflation costs “above what we projected and what we were able to recover.”
“We are not happy with this result,” DeJoy said.
The USPS has been losing money for years and has been making efforts to right the ship.
