USPS sees $642M May net loss

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The US Postal Service saw a net loss of $642 million in May, bringing its fiscal-year-to-date total net loss to more than $2.9 billion, according to preliminary financial data filed with the Postal Regulatory Commission.

The agency saw net losses of $677 million for last May and more than $3.35 billion for its last fiscal year at the end of May.

The USPS also carried a total mail volume of 13.2 billion pieces for the month, and 115.8 billion pieces to date for its fiscal year, which began October 1, 2009.

The Postal Service saw net losses of $382 million and $381 million in April and March, respectively.

A USPS representative could not be immediately reached for comment.

Last week, mailing groups said they will form a coalition to fight the USPS' planned exigent price increase, which is part of its 10-year plan to restore financial stability to the agency, along with a transition to five-day home delivery.

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