U.S. Postal Service Q2 Losses Widens To $2 Bln; Says "serious" Financial Situation Is Solvable

The United States Postal Service reported a loss of $2.0 billion for the second fiscal quarter, widening the $1.5 billion loss posted in the same quarter a year ago. Revenue for the quarter saw an increase, hitting $17.7 billion, compared with $16.9 billion last year. Total volume of parcels shipped increased 1.4% year-over-year, with shipping and packages seeing the largest increase, up 11.4%. Standard mail volume increased 1.9% and the periodical segment declined 5.6%. "Our financial situation is serious, but solvable," Postmaster General Megan Brennan said in a statement. "We are confident that we can return to financial stability through the enactment of prudent legislative reform and a favorable resolution of the upcoming regulatory review of our rate-setting system."