The US Postal Service achieved a $280 million operating surplus in November, as revenue increased by 7% over the same period last year (SPLY). USPS expenses increased by just 3%, yielding a year to date profit of $800 million after two months of the new fiscal year. Those numbers do not include the PAEA required bookkeeping adjustments totaling just over a billion dollars so far this year. (While those adjustmants are required by law, no money actually changes hands.)
Total mail volume increased by 1.2% in November, driven by increases in standard mail (+4.7%) and shipping and package services (+18.2%). First class mail volume declined by 4%. Total workhours were up 4%, but controllable salaries and benefits increased by just 2.7%, reflecting the continued growth in low paid non-career employees.