The United States Postal Service halted discretionary spending on travel, office supplies, equipment, software, training, system upgrades, and consultants to address a $2 billion quarterly net loss. The service has lost $120 billion since 2007 as mail volumes fell 6.3% in the three months ending March 31. Without immediate action, USPS could run out of cash by February.
USPS Halts Non-Essential Spending to Address Cash Crisis
USPS is halting non-essential spending as it faces a cash crisis. The agency warned it could run out of funds by February after reporting a $2 billion net loss.
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