USPS Proceeds with Request for Postal Rate Change

USPS has announced price changes for letters, postcards and flats in alignment with Delivering for America, its 10-year plan to achieve financial stability and service excellence. If favorably reviewed by the Postal Regulatory Commission, the changes would take effect Aug. 29. Here are the current and planned prices: • Letters (1 ounce): 55 cents (current),…

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USPS CFO Corbett discusses USPS finances, 10-year plan

May 26, 2021 A coronavirus pandemic-fueled surge in package deliveries has not been enough to offset the Postal Service’s increased operating costs and declining revenue from mail services, Chief Financial Officer Joe Corbett reports in his latest “Dollars and Change” video. During fiscal year 2021’s second quarter (Jan. 1-March 31), the organization’s total revenue was…

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USPS: Transitioning to the future

The Postal Service has made several leadership announcements, including the retirement of a top executive, the promotion of several key leaders and a series of functional alignments that aim to better position the organization to achieve operational excellence and financial stability. The changes include the announcement that David E. Williams, chief logistics and processing operations…

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USPS CFO Corbett reviews third-quarter finances in video

September 1, 2020 The Postal Service is continuing to experience dramatic shifts in its business due to the coronavirus pandemic, Chief Financial Officer Joe Corbett reports in his latest “Dollars and Change” video. Quarantines, stay-at-home orders and travel restrictions have affected customers and businesses, leading to deep declines in First-Class Mail and Marketing Mail volumes…

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USPS: PMG addresses restructuring

Postmaster General Louis DeJoy distributed the following memo to USPS employees on Aug. 13: Today, I am in my ninth week as Postmaster General. I am grateful to everyone who has welcomed me, and I am thoroughly impressed by the dedication and commitment you have shown since I started June 15. Last week was extremely…

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USPS Statement on Washington Post CARES Act Lending Authority Article

USPS News Release – July 30, 2020 WASHINGTON, DC — Pursuant to the terms that will apply to borrowing under the CARES Act, the Postal Service will provide the Department of the Treasury with certain information regarding our costs, revenues, and overall financial position. This includes providing Treasury, under strict terms of confidentiality, with those…

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USPS CFO reviews first-quarter financial results

Chief Financial Officer Joe Corbett reviews the Postal Service’s latest financial results in a “Dollars and Change” video released this week. During fiscal year 2020’s first quarter (Oct. 1-Dec. 31, 2019), USPS recorded total revenue of $19.4 billion and total operating expenses of $20.1 billion, leaving the organization with a net loss of $748 million….

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USPS: Year-end financial results for FY 2017 reported

The Postal Service has reported its financial results for fiscal 2017 (Oct. 1, 2016-Sept. 30, 2017). Here are some highlights: Total revenue. The organization reported total revenue of $69.6 billion, a decrease of $1.8 billion compared to the prior year. The lower revenues were driven largely by accelerated declines in First-Class Mail and Marketing Mail…

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