The U.S. Postal Service lost $281 million in its third quarter, $80 million less than expected, chief financial officer Richard J. Strasser told the USPS' board of governors yesterday.
Overall mail volume for the quarter, Feb. 23-May 17, is down 1.2 billion pieces, or 2.5 percent below last year's numbers, Strasser said at the board's monthly meeting, being held in Anchorage, AK. Standard Mail volume was down by 738 million pieces, accounting for 60 percent of the total decline. First-Class was down by 231 million pieces.
However, Strasser said, continued success in controlling expenses has helped keep costs down. During the first three quarters, the postal service has trimmed 13,750 career employees and has reduced more than 54 million work hours below last year's level. The USPS said it expects to continue losing mail volume in the fourth quarter.
The board also announced that it has again selected Ernst & Young LLP as its independent auditor.
