Postal Service Reports $5.2 Billion Loss

August 10, 2012 10:30 AM, EDT

Postal Service Reports $5.2 Billion Loss

The U.S. Postal Service��reported a $5.2 billion loss in its third fiscal quarter, compared to a $3.1 billion loss in the same quarter last year.

The loss was attributed to��retiree health benefits costs and a continued decline in mail volume.��

Mail volume fell last quarter by 3.6% while shipping services and package volume rose 5.2%

On Aug. 1 the Postal Service defaulted on $5.5 billion in prefunding payments for retiree benefits��and has said it will likely default on a second payment of $5.6 billion due Sept. 30.

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