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A United States Postal Service package support annex in La Vergne, Tennessee. Photo: Brett Carlsen via Getty Images

The United States Postal Service (USPS) reported Wednesday a net loss of $4.9 billion for the 2021 budget year, which ended on Sept. 30.

Why it matters: Though the agency has faced backlash for delayed deliveries and backlogs this past year, 2021's net loss is nearly half the agency's net loss in 2020, which was recorded at $9.2 billion.

By the numbers: The USPS generated operating revenue of $77 billion in 2021, up $3.9 billion or 5.3% from 2020.

  • Shipping and packages revenue increased by $3.5 billion, or 12.2%, largely due to spikes in online commerce.

What they're saying: "Despite the magnitude of our financial challenges, we are making encouraging progress in correcting the long-term imbalance in postal revenues and expenses, and we expect to see continued improvement as we fully implement the Delivering for America plan, which includes making meaningful progress towards meeting or exceeding 95 percent on-time service performance for all mail and shipping products," Postmaster General Louis DeJoy said in a statement.

Worth noting: Changes implemented by DeJoy led to "confusion and inconsistency in operations at postal facilities" that "compounded the significant negative service impacts across the country," according to a report from the USPS inspector general released last year.

Go deeper

CBO finds social spending bill adds to deficit

Rep. Kurt Schrader (D-Ore.) Photo: Bill Clark/CQ Roll Call

The Congressional Budget Office estimated Democrats' social spending bill would add no more than $367 billion to the deficit over 10 years, an assessment expected to pave the way for its passage by the House.

The latest: The White House said in a statement after the CBO report that it had updated its own estimates and now believed the package would actually reduce the deficit by $112 billion over a decade. 

Jack Dorsey stepping down as Twitter CEO

Photo: Joe Raedle/Getty Images

Jack Dorsey is stepping down as CEO of Twitter, the company announced Monday. He will be succeeded by CTO Parag Agrawal, effective immediately.

The big picture: Dorsey is also the CEO of financial payments company Square, which he co-founded in 2009, and has become a crypto evangelist in recent years.

Tracking the pandemic's unequal impact

Expand chart
Data: Morning Consult/Axios; Chart: Will Chase/Axios

The pandemic was bound to hit the most economically vulnerable among us the hardest. New polling data from Morning Consult, out this morning, shows the degree to which those difficulties were more concentrated among people of color.

Catch up quick: The Morning Consult/Axios Inequality Index has tracked the economic experience of adults in three wage groups since May 2020. We began publishing the findings in May of this year, and six months in, we’re slicing the data a little differently — and looking at inequality between ethnicities.