The Associated Press has issued a correction to the story it published on Monday about the USPS quarterly financial report:
In a story Aug. 11 about U.S. Postal Service Revenues, The Associated Press reported erroneously that the agency blamed its $2 billion loss for the quarter ending June 30 on increases in compensation and benefit costs.
Despite the correction, however, the AP still got their story wrong…
Although those costs did increase slightly, the overall loss reflected the agency spending $18.4 billion in operating costs against revenues of $16.5 billion.
… ignoring the fact that the entire loss was due to $2 billion in PAEA required non-cash accounting entries.