The US Postal Service filed its February 2010 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income/ loss of $611 million. The total Fiscal Year to year loss is $1.5 billion ($592 million lost for the month of January, $179 Million gain the month of December; $255 million lost for November; $221 Million lost the month of October) .
Mail volume was down across all classes except shipping services with an overall total decrease of 4.8% First class mail volume was down by 9.4%, first class mail revenue was down by 7.3%.
The Postal Service continues to reduce its workhours with Mail Processing and Customer Services/Retail showing the highest reduction of 12.1% and 11.3% respectively. City Delivery 3.8%, Rural Delivery 4.0%
See Full Report via Postal Regulatory Commission website
11 thoughts on “USPS Lost $611 Million In February 2010 – YTD $1.5 Billion”
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Hey , rural carriers, I want to know your experience with ups, fed ex and speedy delivery during mail count! Do you notice a decline in parcels coming across the counter at your office during mail count? Leave a response and let me know. My postmaster claims there is no way they can control it, I say with electronics and insentives, why coundn’t they? I feel if we are going to deliver packages shouldn’t we be paid for it, instead of the postal service collecting the money and crapping on the carrier?
Hey Fed up- who is going to deliver what on Saturdays? ONLY the Post office can deliver 1st class mail, and ONLY the Post Office can use the mailbox. Anybody can deliver flats, BBM and parcels 7 days a week NOW if they want to, Each UPS route covers about 7 carrier routes ’cause they don’t go to every house. You think UPS or FEDEX are gonna hire 6 times as many workers, to work 1 day? Anybody want a 1 day job? Anybody say they’re looking for another delivery company because their “mail” HAS TO BE THERE ON SATURDAY!! Any utilities,banks, legal offices,courts,schools,doctors, publishers, Grandmas crying about no Saturday delivery? THEY are the customers. Without them there is no mail,duh. Want to Save Saturday? ALL craft employees can take a $1300/yr pay cut, and freeze our wages for 10 years.You want it that bad?
One more thing… I hate to be a conspiracy theory kind of guy but isn’t it funny that they created this 75 billion overpayment in a contract negociation year? Did they want us to lose money this year in order to negociate a lower contract?
With all the talk that they are taking away Saturday don’t you think people are already finding a different way to ship? I suspect that all the talk is also driving down volume. People on the street ask me every day if I’m going to be there on Saturday. The post office holds a monopoly. IF they were Ma Bell the feds would step in and cut them into little pieces. How can they take away Saturday if there is nothing out there to replace it with?
Here’s what I have read from the Office of Inspector General:
The OIG has concluded that an inequitable system for computing the Postal Services CSRS pension responsibility has caused the dramatic overpayment. The funding error follows two previous findings that the Postal Service had been required to over-fund its pension obligations.
In 2002 it was determined that the postal service was on track to over-fund CSRS(Civil Service Retirement System) by $78Billion for CSRS, and in 2003 the USPS was overcharged $27Billion for CSRS military service credits.
The earlier overpayment’s were corrected by legislation adopted in 2003 and 2006 respectfully.
the latest over-funding debacle, if corrected, would more than offset the Postal Service’s expected short-falls in FY 2010 and 2011.
The U.S. Postal Service’s financial difficulties could be fully resolved by returning the Postal Service budget the over payments made to date.
And Bilbo is first
So this figures out to be a loss of $21,821,428.57 per day. The Postal Service is in serious trouble and the plan that Potter is pitching isn’t going to cover the losses. Get ready for years and years of cuts, closings and harrassment as a way to eliminate workers.
It’s funny how management continues to move like a blade of grass. When I first started in 94 I was always told that 3rd class UBBM was the money maker, nobody cares about first class! Yea no Sh&t! Now first class is the end all be all? That’s because these no brain waste of breath slug vomit fly piss Headquarters dumb butts sold out to major mailers giving stupid discounts, now they need my freaking letter to Grandma to stay afloat! Break out the booze and the fiddle, 5 day delivery and the ships going down!!!!
I’m not worried the ones that are going to affeced the most are the Mail handlers and the Carriers! The carriers stood by and slowly sucked up clerk work, the mail handlers lived on the overtime! Their Union bosses when given a choice to merge together to build a stronger Union they put their concerns of losing three figure salaries before the needs of all the USPS serfs!!!!
I see a door floating by I’m getting out!!!!
Again all craft people call your senators and representatives and voice your statements that postal management in washington needs to GO. Ali potter and his band of washington THIEVES need to be FIRED.
Another thing I want to say HI to all the OIG’s that are reading this message. Because of what I wrote; are you going to get out the chains and whips for me? You people are part of potter’s thieves. Uh-oh, I think I hear the sirens now! They are going to fit me with cement shoes.
So far the Postal Service hasn’t told the truth when it comes to money. I honestly don’t think they know math, at all! And the practice of keeping all the top brass and cutting craft jobs, that’s how they think. They can’t figure anything out. Just keep throwing money out the window. If Congress would take a good hard look at all those in management and how few are in the craft positions, maybe something would happen, as long as they don’t have the ones that have the same mentality as those like Potter, who claims that cutting a day of service will fix everything. He’s not even close to fixing anything. He needs to be the first one to go. His salary alone would boost the PO closer to the black, instead of moving us more into the red. Going 5 days would seriously hurt the PO, a lot of rearranging of schedules and yes there would be plenty of people losing jobs, like the RCAs for the rural carriers, to some PTFs, and truck/contract drivers. It will be a huge trickle effect, and it would cause a ton of bottlenecks as well. You would see a lot more excessing, and with some of the consolidations that have already taken place, you don’t have anywhere left to excess to. None of the top management can think anything through completely. Just think of themselves, and not the ones it will affect.
Must be areas in this country REALLY not getting too much mail. That is not the case where I am at…..our mail is down over the last 2 years but nowhere near as drastic as these figures say. We just had a count on the rural side and the routes stayed the same and some actually GAINED over the previous year.
I still believe the Postal Service is lying about the figures, the money. These LOSSES must contain the pre-funded healthcare in them…working my rear end off on my route and they continue to spout what I think are propaganda LIES…tell them often enough and the ignorant public will swallow them, hook line and sinker. Five day delivery, by the way, equates to thousands of job losses…..not maybe, not possibly…DEFINITELY job losses!!