Postmaster General Louis DeJoy blamed the loss on inflation raising costs for its operations. Its results are particularly disappointing because it received a bump in its revenue earlier this year when shippers shifted package volume away from UPS because of the threat of a strike there. The Postal Service had projected it would break even in the fiscal year that ended September 30, on its way to annual profits this year and going forward. The US Postal Service lost $6.5 billion in its just-completed fiscal year, delivering a blow to the service’s hopes of a financial turnaround. CNN reports the US Postal Service lost $6.5 billion last year.
