The U.S. Postal Service, which has said it may lose $7 billion this year, narrowed its fiscal second quarter loss to $1.6 billion.
The net loss in the quarter ended March 31 shrank from $1.9 billion a year earlier, the agency said today in Washington.
Mail volume dropped 6.3 percent in the past six months, Chief Financial Officer Joseph Corbett said at the Postal Service’s board meeting. The Postal Service, which cut work hours 7.5 percent in the period, has asked Congress for permission to cut Saturday delivery to save money, a proposal being reviewed by the Postal Regulatory Commission.