The U.S. Postal Service filed its July 2009 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income loss of $865 million (Junel 2009 was $1.3 billion). The year-to-date deficit currently stands at approximately $5.6 billion. Mail volume was down across all classes with an overall total decrease of 13.7%. The Postal Service continues to reduce its workhours with Mail Processing and Customer Services/Retail showing the highest reduction of 14.4% and 12.2% respectively.
The U.S. Postal Service said it “expects to lose more than $7 billion by the end of the fiscal year . The rising tide of red ink could leave the Postal Service with a potential cash shortfall of up to $700 million by its fiscal year-end on Sept. 30, when it must pay up to $5.8 billion to pre-fund retiree health benefits. Postal Service officials hope Congress will pass legislation that would increase its ability to borrow from the U.S. Treasury Department before the bill comes due.”
See full report (pdf) here: