Newsroom › USPS Service Alerts › Forms & Publications › Careers › Site Index › ON USPS.COM. When might you get Biden's $1,400 stimulus check? WASHINGTON - The U.S. as Reddit group causes mayhem, YouTube has paid out more than $30 billion to content creators over the past three years, Average US household now spends $47 a month on streaming services, Intel's Iris Xe desktop graphics cards are shipping to OEMs, Zen 3 scalpers made almost $1 million profit from 8,720 eBay sales, Crypto enthusiast installs mining rig in BMW's trunk "to annoy gamers". "If it wasn't for the retiree benefits, the Postal Service would be break-even, or perhaps even a little bit better," post office historian and policy analyst Christopher Shaw, told CBS MoneyWatch. In fact, the USPS annual report detailed not only challenges but also several highly positive trends. Yet the question of whether the Postal Service is a good investment is not the issue. That's not the point. USPS makes profit in October, predicts 50% cut in losses this year. Read full article. The U.S. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. ", First published on August 20, 2020 / 7:03 AM. Plus, you can schedule a USPS ® pickup from your home or office. The information comes from internal emails and financial statements obtained by the American Oversight watchdog group and shared in a report from the Washington Post. What's more, the USPS was already authorized to get an additional $10 billion earlier this year under the Coronavirus Aid, Relief and Economic Security Act, which it has yet to tap. Postal Service (USPS) ran a deficit of $3.9 billion. GameStop stock hits record high as Reddit group causes mayhem, The complete list of alternatives to all Google products, Ring rolled out end-to-end encryption for some of its cameras today, Customers can keep certain products under new retailer return policies, GameStop stock hits record high (again!) Meanwhile, Amazon has been building up its own logistics arm: in June last year, we heard that Amazon Logistics was delivering some 48 percent of its own packages. It’s interesting that Congress requires 100% funding for 75 years in advance for the USPS when,according to The Motley Fool,the U.S. Government is only 42% funded. Willens said a better way to gauge the USPS' financial condition is to look at its cash flow, which tracks how many dollars are going in and out of a company (or in this case a semi-detached arm of the government). In the first six months of 2020, the USPS' operations generated $2.3 billion in cash, an increase of $700 million from the year-ago period. According to the information, USPS delivered 1.54 billion Amazon packages in the 2019 fiscal year, amounting to 30 percent of the company’s volume. Nobody asks why the Department of Agriculture didn’t turn a profit last year. The income statement won't tell you that.". Between the fiscal year of 2004 and 2019, annual revenue of the U.S. The fact that the USPS can come close to profitability while charging only 55 cents to mail a letter across the country is nothing short of astounding. © 2020 CBS Interactive Inc. All Rights Reserved. House Speaker Nancy Pelosi has called a vote this weekend on legislation that would deliver $25 billion in emergency funding for the Postal Service. © 2021 TechSpot, Inc. All Rights Reserved. Home › Buy Stamps & Shop › Print a Label with Postage › Customer Service › Delivering Solutions to the Last Mile › OTHER USPS SITES. The USPS had $13.3 billion in cash as of June 30, according to its most recent financial statement. z-index: 9901; } .load-wrap { Which is where pensions come in, or, rather, post-retirement benefits more generally speaking. The USPS booked positive cash flow of nearly $2 billion in the nine months ending June 30, up from $1.3 billion in the same period a year ago. Instead, revenue for the Postal Service has risen more than $500 million in the past nine months, driven by a 20% jump, or $3.4 billion, in sales from shipping packages that has more than offset the drop in first-class mail. Sarah Al-Arshani. * As of September 30, 2019 **Mail bearing postage stamps — bill payments, personal correspondence, cards and letters, etc. Copyright © 2021 CBS Interactive Inc. All rights reserved. If the USPS was a private sector company, that would translate to a pretty healthy profit. Today, the U.S. That was up from roughly $8.4 billion in mid-2019. ON ABOUT.USPS.COM. The USPS had $13.3 billion in cash as of June 30, according to its most recent financial statement. History. If that had happened, then the Postal Service could — without any financial adjustments — have been in danger of running out of cash. However, the last year the Postal Service recorded any profit was 2006, and its cumulative losses since then totaled $83.1 billion as of March 31. Yet the private shipping giant's cashflow has proved less resilient, falling 12% this year as the coronavirus pandemic slammed the economy. June 2, 2014 postal, postal finances 12 Comments. These five charts depict the immensity of USPS’s financial challenges. Meanwhile, the plan to eliminate Saturday service is dead. At the time, the USPS’s contribution had dropped from 60 percent to 35 percent. A May report by the U.S. Government Accountability Office described the Postal Service's financial condition as "poor." Address that and its financial situation improves dramatically. In some cases, this income is quite significant – combined, it stands at $1.6 billion in profit (out of $3.9 billion in revenue) for the 2019 fiscal year. The USPS quarterly operating profit of $1.3 billion, he added, “builds on back-to-back years of operating profits each exceeding $1 billion, without a dime of taxpayer money.” Last year, it delivered 142.6 billion pieces, a 31.4% decline. This shows the need for policymakers to address two public policy issues – the stamp price rollback and the congressional mandate that USPS prefund future retiree health benefits decades into the future. In Congress, the future of the USPS — including its vital role this November in handling what's expected to be a tide of mail-in ballots — has become yet another partisan firing line. Statement of NALC President Fred Rolando On USPS Financial Results for FY 2019 The large loss posted by the U.S. June 2, 2014 postal, postal finances 24 Comments. Since then, it has lost $77.8 billion. But it's not clear where that figure comes from. Postal Service "has been failing for many decades." For instance, you would need to have two different permits to mail presorted First-Class Mail and USPS Marketing Mail commercial mailings from the same office. TECHSPOT : Tech Enthusiasts, Power Users, Gamers, TechSpot is a registered trademark. For the first nine months of its current fiscal year (which ends in September), the Postal Service lost $7.5 billion. Earlier this year, the Postal Service Board of Governors asked for $25 billion in additional aid, but that was based on their earlier prediction of huge coronavirus-related losses, which has proved excessively dire. Despite the USPS' improving financial condition this year, its long-term retiree benefit obligations — at over $60 billion — are large and growing. Use Click-N-Ship ® service to pay for postage and print a shipping label from your printer or at a Post Office ™ location. Based on that, the Postal Service is a cash cow, generating a total of $13.5 billion over the past five years. The 1993 law would have required taxpayers to provide the USPS a total of $1.2 billion over 42 years. ***Includes Priority Mail, Priority Mail Express, First-Class Packages, Package Services, Parcel Return Service and Parcel Select. Unfortunately, losses are the rule rather than the exception for the agency. Notably, none of that is from cost-cutting. It's a service. USPS was profitable every year between 2003 and 2006, averaging a net income over two billion dollars.This is in stark contrast to its losses in 2001-2002 that averaged over a billion dollars. While the ballot controversy is new, the financial problems are not. Send Mail & Packages Convenient Domestic Shipping. Seven months into the current fiscal year, the US Postal Service’s revenue exceeds its expenses by $1.353 billion. That was up from roughly $8.4 billion in mid-2019. In Arizona, New Mexico, Nevada, California and Texas, about three-in-ten of them are Hispanic. Not quite, at least not in the way that accountants normally calculate profit and loss. But it didn't. President Donald Trump tweets that the U.S. But that, too, is based on a projection of possible virus-related losses. 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There is no special form to fill out each year when renewing the fee Paying the annual mailing fee gives you permission to mail a certain class of mail from a certain postal facility for 365 days. Legal Statement. In April, the Postal Service did warn that it could run out of cash by October. UPS gross profit for the twelve months ending September 30, 2020 was $61.221B, a 10.62% increase year-over-year. Other critics predict its demise. January 16, 2021, 5:36 PM. Postal Service reported operating revenue of $71.1 billion for fiscal year 2019 (October 1, 2018 - September 30, 2019), … The US Postal Service made a $61m profit in October, and even achieved 5.6% growth in its mail and services revenues compared to the same month last year. That was up from a loss of $5.9 billion in the same period the previous year. In May 2019, the Postal Service announced that it will be releasing a pilot of self-driving trucks to haul mail across the U.S. Accounting expert Robert Willens, who runs his own consultancy, said net income is an especially important gauge for investors as a measure of whether the bottom-line value of an investment has gone up or down. But that warning was based on a projection that the USPS' revenue would drop by $13 billion this year because of the coronavirus. USPS chief financial officer Richard Strasser attributes the decline in profit to rising costs that the Postal Service cannot compensate for via quick price changes. Nonetheless, “2004 and 2005 are the first two years that the USPS showed an actual profit since the Postal Service was reorganized in 1971,” says Strasser. The Postal Service also owes $11 billion to the Treasury and more than $59 billion in required but unpaid contributions to its employee pension and retiree-health funds. News provided by The Associated Press. To be sure, the USPS faces real challenges. "The Postal Services' expected losses this year were not as bad as what people predicted," said Christopher Edwards, an economist at the libertarian think-tank Cato Institute. On Tuesday, Post Master General Louis DeJoy suspended what he said were "longstanding operational initiatives" meant to cut costs at the USPS. But lawmakers skipped or cut the payments for four years, leaving the USPS with a $1.6 billion IOU. Postal Service in Fiscal Year 2019 ($8.8 billion) is largely the result of external factors, not the normal operations of the agency. USPS has become a focal point for Congress and the 2020 election The leaked documents, however, indicate that USPS does make a profit on Amazon shipments. President Trump recently criticized Amazon and CEO Jeff Bezos, claiming that USPS loses money whenever Amazon ships a package to a customer.

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