USPS releases November financial statement: Status quo

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The Postal Service released its monthly financial report for November today.  It shows a profit of $119 million in “controllable operating income,” and revenues are up 1.5 percent over last November.  After deducting $475 million for the monthly prefunding payment to the Retiree Health Benefit Fund and adding in $210 million for an adjustment to the Workers Compensation fund (adjusted for inflation and other factors), the bottom line for November 2013 shows a net operating loss of $159 million. 

For the first two months of fiscal year 2014, the Postal Service is showing a profit of $410 million in controllable income, but due to the healthcare prepayments, it appears to have lost $539 million.  Total revenues for year-to-date are approximately where they were last year at this time, down a half percent.   There are now 490,174 career employees and 138,336 non-career workers (22 percent of the total workforce).  Last year’s November report showed 524,131 career employeeus and 108,828 non-career (17 percent of the total). The new report is here, and the complete statement of revenue and expenses is here.

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