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U.S. Postal Service Reports $1.3 Billion Loss in First Quarter

February 12, 2013

The U.S. Postal Service said it lost $1.3 billion in the first quarter of its fiscal year. While that's still a huge number, it's a big drop from the $3.1 billion loss the service posted during the same time period last year.

Still, CNN Money reports, the service is in trouble. It reports:

"The service was hurt as the volume of first-class mail, which most consumers use to pay bills and stay in touch, decreased by 4.5.%, said USPS chief financial officer Joseph Corbett. But it got help as shipping and package volume increased 4% compared to the prior year.

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