The U.S. Postal Service's loss widened in fiscal 2024, although revenue rose slightly after two stamp hikes this year.
The U.S. Postal Service on Thursday said its annual loss widened to almost $10 billion, although revenue rose slightly after two postage rate hikes this year, part of Postmaster Louis DeJoy's plan to get the postal agency on a better financial footing.The USPS said it lost $9.5 billion in the fiscal year ended September 30, compared with a loss of $6.5 billion a year earlier. The postal service blamed the wider loss on billions spent on noncash contributions to worker compensation.
DeJoy said the agency is focused on reducing its costs, but that it is also dealing with 'many economic, legislative and regulatory obstacles for us to overcome.'The USPS has raised postage rates twice in 2024, with a two-cent per stamp increase in January and a second boost in July, which raised the cost of a Forever stamp to 73 cents.Fewer deliveriesMail volume declined in the most recent fiscal year, although revenue increased due to the higher postage rates, the USPS said.
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