USPS Loses $3.8 Billion for Year as Volume Falls

The U.S. Postal Service posted a $3.8 billion net loss during the fiscal year that ended in September, despite $6 billion in cost-cutting moves. Total mail volume fell more steeply than ever — by 25.6 billion pieces, or almost 13 percent, more than double any decline in postal history. Worse, the Postal Service expects that 2010 mail volume will drop by another 11 billion pieces.

The decline is tied to the economic downturn and the continued migration of communications to the ...