- The U.S. Postal Service posted a second quarter loss of $4.5 billion Friday.
- Marketing mail volumes, the USPS’ bread-and-butter, fell 3.4% on the quarter.
- Revenues for the three months ending in March, its fiscal second quarter, rose 2.8% to $17.8 billion, but noted that total operating expenses rose by more than 14% to $22.3 billion. The mismatch lead to a $4.5 billion quarterly loss, more than double the red ink it spilled over the same period last year.
- CEO Megan Brennan said Congress needs to “take action to shore up the finances of the Postal Service” amid rising costs and plummeting mail volumes.