Postal Service narrows loss in latest fiscal year, but says fix still needed
The U.S. Postal Service said it benefited from growth in its shipping and packages business as well as aggressive cost-cutting that included a drastic reduction in employee hours.But the agency is still struggling under the weight of heavy mandatory payments into its future retirees’ health fund, which was mandated by Congress in 2006, as well as the continued slide in first-class mail, its most profitable product.“We’ve achieved some excellent results for the year in terms of innovations, revenue gains and cost reductions, but without major legislative changes we cannot overcome the limitations of our inflexible business model,” Postmaster General Patrick Donahoe said in a statement.
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