The U.S. Postal Service found itself in the red once again for 2019, despite revenue increases and investment in cost-cutting measures.
USPS reported a net loss of $8.8 billion for fiscal year 2019, more than double the loss reported last year, according to the USPS financial report released Nov. 14.
The Postal Service is a government agency but also unique in that it is entirely self-funded and does not receive appropriations from Congress for its operations.
Though package and periodical sales increased in 2019, sales of first class, marketing and international mail declined, following the trend of sales reductions in USPS’s primary revenue area.