Internet Accuracy Project

Table of Contents
2009 USPS losses
2010 USPS losses
2011 USPS losses
U.S. Postage Rates
U.S. Mail Holidays
U.S. Postal Rate Increase
Weights and Measurements
Commonly Confused Words
U.S. Precipitation/Freeze dates
Internet Domain Extensions
Record Temps in the U.S.
Plant Hardiness Zones
Reference Book Errors
Daylight Saving Time
Guide to Leap Years
Perpetual Calendar
Wind Chill Charts
Heat Index Charts
Roman Numerals
2012 Calendar
2013 Calendar
2014 Calendar
2015 Calendar
U.S. Capitals
World Capitals
U.S. Statehood
U.S. Presidents
U.S. Time Zones
Place Name Index
Unusual Town Names
Christmas' Town Names
Valentine's Town Names
Halloween Town Names
Automotive Place Names
Bethlehem Place Names
California Place Names
Montana Place Names
Oregon Place Names
Place Names in Texas
Washington Place Names
Artificial Heart Invention
Task Force Acronyms
U.S. Police Acronyms
Witty Acronyms
Police Acronyms
Sources of Errors
Biographical Index
Celebrity Death Data
Free eBooks (A - D)
Free eBooks (E - Hd)
Free eBooks (He - Hz)
Free eBooks (I - L)
Free eBooks (M - P)
Free eBooks (Q - R)
Free eBooks (S - V)
Free eBooks (W - Z)
Frequently Asked Questions
Contribute Used Books
Recent Updates
Link to Us
Contact Us
USPS suffers $2.8 Billion loss for 2008

The U.S. Postal Service concluded the 2008 fiscal year (October 1, 2007 - September 30, 2008) with a net loss of $2.8 billion as the national economic slowdown lowered mail volume and as the Postal Service bore additional costs mandated by the Postal Accountability and Enhancement Act of 2006. The loss occurred despite more than $2 billion in cost-cutting measures that included the use of 50 million fewer workhours compared to the previous year. The Postal Service continued to improve national on-time First-Class Mail delivery performance, reaching record highs in fiscal year 2008.

USPS mail volume in fiscal year 2008 totaled 202.7 billion pieces, a decline of 9.5 billion pieces, or 4.5 percent, compared to the previous fiscal year. Declining mail volume was a symptom of the worsening national economy, particularly related to the financial and housing industries and increased use of the Internet for communications.

Total revenue in fiscal year 2008 was $75 billion, unchanged from last year. Expenses totaled $77.8 billion, including the $5.6 billion payment required by the Postal Act of 2006 to pre-fund retiree health benefits. Excluding all the retiree health benefit fund payments from 2008 and 2007, expenses were up less than 1 percent over last year. Cost reductions offset nearly all of the impact from rising inflation, of which the major contributors were a $562 million increase in cost of living adjustments paid to craft employees and $525 million in additional fuel costs.

Financial Outlook
"We expect the new fiscal year to be another difficult one for the Postal Service and the entire mailing industry, as economic factors will continue to reduce mail volume and increase expenses," Postmaster General John Potter told the Postal Service Board of Governors at a November 2008 meeting. "As we continue to reduce workhours and other costs, our top priority remains providing excellent service to our customers. The combination of excellent service and affordable prices makes Postal products a great value."

In addition to the weak or contracting economy and the diversion of mail to electronic means, the pre-funding of retiree health benefits continues to have a significant impact on Postal Service finances. "The Board will work with members of Congress to ease some of the financial pressure we are currently facing from the Postal Act," Board Chairman Alan Kessler announced in November 2008. "Legislative relief is only part of the solution to the problems facing the Postal Service. The Board and management will actively pursue the actions necessary to further reduce costs and grow revenue," Kessler added.

Fourth Quarter Service Performance
In the fourth quarter of FY 2008, on-time delivery performance for overnight First-Class Mail service remained at 97 percent for the second consecutive quarter, one point above the same period last year. Two-day service was 94 percent on-time and three-day service was 93 percent on-time, unchanged from the fourth quarter of the previous year.

With the beginning of the new fiscal year, the Postal Service has implemented new service standards and has expanded the geography and classes of mail for which service is measured in 2009.

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