The agency reported an annual loss of $5.1 billion, as declining mail volumes and mounting benefit costs take their toll. The Postal Service said its losses would have been roughly $10.6 billion if not for the passage of legislation postponing a $5.5 billion payment required to fund retiree health benefits.
Revenues from First-Class Mail, the Postal Service’s largest and most profitable product, declined 6% from the previous fiscal year to $32 billion. Total mail volume declined by 3 billion pieces, or 1.7%.
“The continuing and inevitable electronic migration of First-Class Mail, which provides approximately 49 percent of our revenue, underscores the need to streamline our infrastructure and make changes to our business model,” Postal Service CFO Joe Corbett said in a statement accompanying the figures.
Last year’s losses hit $8.5 billion, despite deep cuts in expenses and staffing. Mail volume is down more than 20% over the past four years.
A really big challenge to turn the post office around for sure. Adafruit is in NYC near once of the biggest mail facilities in the world – for customers who choose USPS, this why our packages get to so many places so fast and we have a great relationship with our local post offices because of the volume we do. We do think that Saturday service might go soon in parts NYC, but that’s just a guess. It will be interesting to see how and if the postal service adapts and streamlines.
Adafruit publishes a wide range of writing and video content, including interviews and reporting on the maker market and the wider technology world. Our standards page is intended as a guide to best practices that Adafruit uses, as well as an outline of the ethical standards Adafruit aspires to. While Adafruit is not an independent journalistic institution, Adafruit strives to be a fair, informative, and positive voice within the community – check it out here: adafruit.com/editorialstandards
Stop breadboarding and soldering – start making immediately! Adafruit’s Circuit Playground is jam-packed with LEDs, sensors, buttons, alligator clip pads and more. Build projects with Circuit Playground in a few minutes with the drag-and-drop MakeCode programming site, learn computer science using the CS Discoveries class on code.org, jump into CircuitPython to learn Python and hardware together, TinyGO, or even use the Arduino IDE. Circuit Playground Express is the newest and best Circuit Playground board, with support for CircuitPython, MakeCode, and Arduino. It has a powerful processor, 10 NeoPixels, mini speaker, InfraRed receive and transmit, two buttons, a switch, 14 alligator clip pads, and lots of sensors: capacitive touch, IR proximity, temperature, light, motion and sound. A whole wide world of electronics and coding is waiting for you, and it fits in the palm of your hand.
Have an amazing project to share? The Electronics Show and Tell is every Wednesday at 7pm ET! To join, head over to YouTube and check out the show’s live chat – we’ll post the link there.
Get the only spam-free daily newsletter about wearables, running a "maker business", electronic tips and more! Subscribe at AdafruitDaily.com !
I hate to say this but my snail mail is mostly advertisements. Almost all my correspondence and bill paying is done through electronic means. Most deliveries are through UPS or Fedex.
I value the post office because the deliveries from Adafruit are cheaper.
I don’t trust the internet enough to give it access to my bank account. I don’t believe the internet is safe because of what I know and there were 60 patches for vulnerabilities one year. I believe internet security is one big cat and mouse game.
Now would be a good time to start using those Business Reply Mail envelopes to return (blank) credit card applications. The post office needs you!
I was wondering yesterday if it would make any different if non-package delivery went to once a week. My conclusion was that it wouldn’t make a large difference. Virtually everything sent via standard USPS are time insensitive enough that it doesn’t matter if it arrives give or take a few days. (It still takes 6-10 days to get a letter to my brother who is only one time zone away.) If it is time sensitive then there services for that already.
Not that it wouldn’t be a sad landmark if it happened, but I expect it probably will.
One of the problems is that the postal service has to account for its retirement money in a way no corporation or anyone else does so it shows a huge loss although they aren’t losing money this year. It is as if your IRA had to have a million dollars today or you would be technically bankrupt.