Postal Service Loses $2.4 Bln in Fiscal 3Q

The U.S. Postal Service said that it lost $2.4 billion in its fiscal third quarter as mail volume continued to plummet.

The loss is more than double last year's $1.1 billion loss in the same quarter. The Postal Service has seen losses in 11 of the last 12 quarters.

Due to the recession and the 14.3% drop in mail volume to 41.6 billion pieces in the quarter, the Postal Service saw it revenue fall 9% to $16.3, the agency said in a statement Wednesday.

In the statement, Postmaster General John Potter renewed his call for Congress to allow the agency to move to a five-day-per-week delivery schedule.

Potter also asked for a change in the law that requires the Postal Service to set aside billions of dollars each year for retiree benefits.