The U.S. Postal Service (USPS) incurred a significant increase in its losses this fiscal year, as revenues jumped but volumes dipped.
Net loss for 2024 fiscal totaled $9.5 billion, up from $6.5 billion last year, said a Nov. 14 statement from the agency reflecting its earnings. The $3 billion increase in losses occurred at the same time the agency had a slight revenue increase from $78.18 billion to $79.53 billion. The revenue uptick was not supported by an increase in mail volume, which fell from 116 billion units to 112 billion units.
According to the USPS Office of the Inspector General, the postal agency “relies almost entirely on the revenue generated from postage” to cover the costs of delivering mail….