USPS posts $451M loss for January after $458M in “trust fund” charges

The US Postal Service posted a net operating loss of $451 million dollars in January after taking a charge of $458 million for the future retiree health benefit trust fund created by the 2006 PAEA law. The “loss” brings the year to date USPS deficit to $781 million. If it weren’t for the PAEA charges and the paper revaluing of USPS workers comp liabilities, the USPS would be showing a year to date profit of $248 million. Total mail volume for January was down 1.3% compared with the prior year. Year to date mail volume is up 0.9% compared with the same period last year (SPLY). Workhours were down by 3.3% for the month, or about 4 million fewer employee hours. Year to date workhours are down by 2.4%, or about 9 million hours compared with SPLY.

USPS Preliminary Financial Information (Unaudited) January 2011

  • Vincent

    Everyone who works in craft knows that we have too much supervision and high level jobs that have nothing to do with the sorting or delivery of mail. I’m interested to see how many supervisors, pm and other non-productive workers they really get rid of for good! That would be the best first step, then why arent’ we charging for Forwards and Holding Mail? If you look into Canada Post, Germany Post and other big industrial countries, no one does these two services for free! Australia charges several hundred a year to forward mail. I have over 150 active forwards on my seasonal beach route. What will the middle of the summer look like?