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Postal service loses $22 billion in latest quarter

The U.S. Postal Service lost $2 billion this spring despite increasing its volume and charging consumers more money to send mail, officials said Monday. The loss for the spring quarter, which ended June 30, was significantly higher than the $740 million loss for the same three-month period last year. The agency blamed increases in compensation and benefit costs for the red ink and said it would be unable to make a congressionally mandated payment of $5.7 billion this September for health benefits for future retirees. The loss came despite a 2 percent increase in operating revenue compared to last spring.
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