In what could be viewed as a swift shift to more supple options among consumers following an ease of pandemic restrictions this year, the Washington DC-headquartered USPS (United States Postal Service) had reported a net loss of $4.9 billion over fiscal 2021 that ended on September 30, though, the pandemic outbreak seemingly had brought the long-worn US Postal Service back into life as its losses were reportedly narrowed compared to a year earlier.
However, addressing to a barrage of unaddressed damages that the US postal services had been grappling with over many years, US Head of Postmaster Louis DeJoy had been quoted saying earlier this year that the USPS had plans to slash as many as $160 billion in expenses over next decade, however, following release of USPS annual earnings’ report, DeJoy said on Wednesday, “We have years of inflicted damage to fix that will necessitate us taking some continued uncomfortable actions”.
If truth is to be spoken, latest annual earnings’ report from USPS which had revealed that the US postal services had nearly halved its losses compared to 2020, came forth as a pandemic-driven restriction had forced many Americans to seek for Government parcel services.
US Postal Service reports $4.9 billion 2021 net loss
According to US Postal Service data, the USPS’s operating revenues rose by 5.3 per cent to $77 billion over fiscal 2021. USPS had reported a net loss of $9.2 billion in 2020.
Aside from that, USPS also added that its packaging and shipping revenues rose by $3.5 billion this year, up about 12 per cent compared to the same time a year, as a record holiday sales volume in 2020 alongside a havoc-scale shift towards e-commerce sales had driven USPS’s shipping revenues higher.
Nonetheless, first-class mail volumes which had pummeled more than 51 per cent over past two decades, dipped to 50.7 billion pieces this year, the lowest reading since 1971.