USPS Reports $1.6 Billion Net Loss For August 2010 – YTD $7.7 Billion

The US Postal Service today filed its August 2010 (unaudited) preliminary financial report with the Postal Regulatory Commission. USPS reported a net income/loss of $1.6 billion. The total Fiscal Year to Date loss is $7.7 billion (July, $764 Million; June, $2.5 Billion; May, $642;$382 lost for April; $381 lost for month of March; $611 Million lost in February; $592 million lost for the month of January, $179 Million gain the month of December; $255 million lost for November; $221 Million lost the month of October)

Total Mail Services Volume was up 1.8%, revenue down 1.3%
Total Shipping Services volume was up 3.6%, revenue up 3.7%
Total Mail volume was up 1.8%, revenue down by 0.7%

First class volume down 6.4%, revenue down 7.0%
Standard Mail volume up by 11.0%, revenue up 9.8%

Total Workhours was down 3.0% (City Carriers 2.6%, Mail Processing, 6.8%, Customer Services 6.5%, Rural Delivery up by 0.6%, Other down 0.1%)

Total Career Employees 585,347, down 1,515 employees since July 2010
Total Non-Career Employees 88,139, down 81 employees since July 2010

see full report via Postal Regulatory Commission

7 thoughts on “USPS Reports $1.6 Billion Net Loss For August 2010 – YTD $7.7 Billion

  1. I don’t know how potter does it. Any other CEO of any other Business would
    have been fired. This is a truly amazing story. Way to go Jack.

  2. I wish the OIGs, or someone with cajones, would investigate the USPS and its managerial techniques. Management is taking the business, which is on hard times no doubt, and its figuratively cutting its throat.

    Does anyone have any idea, for example, just how for Out of Schedule pay is going out to employees on a continuing basis? Management is hemorrhaging money in needless ways such as this in San Diego. Thousands and thousands of dollars every month. And that’s just in the San Diego Plant. They are likely doing this all over the country. They say they want overtime to be at 2%. And it is, BECAUSE they are forcing people to change their schedules. While they are doing that, they have people out on sweetheart deal details to work in Human resources, upstairs in the Area offices, for the OIGs, etc. They find places to hide their friends and family members, at the expense of operations and the people who actually move the mail.

    I would like to challenge any Agency who has the power to please investigate these and other money wasting practices of the USPS. Or maybe the press could do an actual investigative report, not to diss the USPS in general, but to find out if the monetary losses are as big as mgmts putting out there to the public, and if it is, WHY is it. They will fiercely guard their dirty secrets, but its time to expose the truth. Management is taking a moderately wounded business and inflicting the fatal blows, and we, the employees, can’t do a thing to save the service.

  3. If volume goes up , but revenue goes down, isn’t the implication that we are not charging enough for our services? Especially since workhours are down and total number of employees is down?

  4. Don’t eat that Grandma it’s horseshit! In other words we know management can manipulate the numbers to make them look like anything they like. Management can not be trusted. Time for a congressional investigation into postal mangagement, their tactics and motives.

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