U.S. Postal Service Records $2.8 Billion Loss and Sets Shipping Price Hikes

The U.S. Postal Service reported a net loss of $2.8 billion for fiscal 2008, which it attributed to reduced mail volume caused by the economic slowdown and costs mandated by the Postal Act of 2006, including pre-funding worker retirement plans. The Postal Service also announced across-the-board shipping increases set for January that will raise prices by an average of 5%.

Price changes for mailing services, including stamps, will be announced in February and will be effective in May 2009.

InternetRetailer.com – Daily News for Thursday, November 20, 2008

Note: Time to stock up on Forever stamps!