May 11, 2018 - Technology
The Postal Service is losing billions
- Erica Pandey, author of Axios Finish Line
A Postal Service worker unloads collected mail. Photo: Joe Raedle/Getty Images
The Postal Service lost $1.3 billion in the first quarter of 2018, CNNMoney reports. The agency cites the decline of physical mail and the rising cost burden of retiree benefits — not Amazon's market dominance — as reasons for the blow.
The big picture: This quarter's loss adds to a years-long pattern at the Postal Service. The agency, which is affiliated with the federal government but operates as an independent business, has lost $65 billion in the last 11 years.