From Investing.com: 2024-05-10 18:30:31

The U.S. Postal Service is seeking a 25% price hike for high-volume shippers to enter packages for regional delivery through its Parcel Select service, effective July 14. Price hike is due to USPS no longer providing incentives for aggregating mail volume directly to the destination delivery unit. Stamp prices up 36% since early 2019.

USPS reported a $6.5 billion net loss for the 12 months ending Sept. 30, with a second-quarter net loss of $1.5 billion. A bipartisan group of 26 senators urged USPS to pause further consolidation, warning it could slow mail deliveries. USPS is in a 10-year restructuring plan to cut $160 billion in forecasted red ink.

Postmaster Louis DeJoy stated the need for corrections to USPS infrastructure and evolving to survive. USPS expects to generate $44 billion in additional revenue by 2031 through new pricing policy. In April 2022, President Biden signed legislation providing USPS with about $50 billion in financial relief over a decade.



Read more at Investing.com: US Postal Service wants 25% price hike for high-volume package shipping By Reuters