U.S. Postal Service Financial Results Signal Need For A Course Correction
Coalition for a 21st Century Postal Service stands ready to work with Congress.
WASHINGTON, Nov. 14, 2023 /PRNewswire/ -- Today the U.S. Postal Service released concerning financial results for the 2023 fiscal year, revealing a $6.5 billion net loss. The Postal Service provides critical mail and package delivery services for U.S. businesses and consumers across the country, supporting nearly 8 million jobs in the mailing industry. The Postal Service reported $78.2 billion total revenues and $85.4 billion in operating expenses. Package and first-class mail services drove revenue increases, though both categories experienced declines in volume driven by price increases well beyond inflation – 27% in two years. Marketing mail experienced steep declines in revenues and volume.
"The U.S. Postal Service is an engine for America's economy and a lifeline for rural Americans across the country. As we head into the holiday shipping season, though, postal costs and prices are increasing much faster than businesses ad consumers can keep up," said Art Sackler, executive director of the Coalition for a 21st Century Postal Service. "Americans depend on mail and packages delivered by the Postal Service. They count on predictable, affordable rates and reliable speeds. Even though the landmark Postal Service Reform Act (PSRA) only passed last year, Congress must turn its attention back to USPS and start considering precise solutions to put the Postal Service on a solid path for the future. The Postal Service must find a way to hold the line on costs, just as every business in America must."
An updated study from the Envelope Manufacturers Association found that the mailing and shipping industry accounts for 7.9 million jobs (representing 5% of the U.S. civilian labor force) and $1.9 trillion in sales revenue, nearly 7% of GDP.
The PSRA was a bipartisan achievement that delivered major benefits to the postal ecosystem of businesses, nonprofits and consumers throughout the country who use it. Benefits included transforming the Postal Service's finances, guaranteeing the integrated mail and package network, increasing transparency, and more. While the PSRA provided a much-needed boost to the USPS, these latest financial results reveal there is more work to do to sustain this vitally important institution.
About Coalition for a 21st Century Postal Service: C21 consists of business mailing associations and companies – newspapers, magazines, advertisers, catalogers, e-commerce, parcels, greeting cards, financial services, telecommunications, insurance, small businesses of every kind, paper, printing, technology, envelope manufacturing, mail services, who understand the essential role of USPS and want it sustained for the future. It broadly represents an industry generating $1.9 trillion in sales and supporting 7.9 million private sector jobs. Learn more at 21stcenturypostal.org.
Contact: [email protected]
SOURCE Coalition For A 21st Century Postal Service