US Postal Service Reports $6.5 Billion Loss in Fiscal Year 2023

First-class mail volume falls to lowest since 1968 as Postmaster General Louis DeJoy cites inflation and decreased mail volume as key factors in the loss.

The US Postal Service reported a net loss of $6.5 billion for the fiscal year ending September 30, 2023, despite earlier predictions that it would break even.
First-class mail volume fell to its lowest since 1968, down 6.1% in 2023 to 46 million pieces, but revenue increased due to higher stamp prices.
Postmaster General Louis DeJoy attributed the loss to inflation raising operational costs and a decrease in mail volume.
The USPS is in the middle of a 10-year restructuring plan aimed at eliminating $160 billion in predicted losses over the next decade.
Despite the losses, DeJoy stated that the USPS is making progress in its long-term cost control and revenue generating strategies.