Postal News Blog--The US Postal Service quietly submitted its August financial estimates to the PRC late Friday afternoon. The service reported a loss of $1.6 billion in August, bringing its fiscal year to date losses to $7.7 billion with one month left to report. The retiree health benefit pre-funding requirement imposed in the 2006 postal reform act accounts for $5 billion of the loss. Another $2 billion is the result of what the service calls a "fair value adjustment to workers' comp liability", something the service says it has no control over. As a result, the service says that its "controllable" operating loss is only $453 million year to date. Read more!
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Sept. 26 2010 04:49 PM
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