{"id":119476,"date":"2021-08-06T23:45:21","date_gmt":"2021-08-06T23:45:21","guid":{"rendered":"https:\/\/fin2me.com\/?p=119476"},"modified":"2021-08-06T23:45:21","modified_gmt":"2021-08-06T23:45:21","slug":"u-s-postal-service-finalizes-plan-to-slow-some-mail-deliveries","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/u-s-postal-service-finalizes-plan-to-slow-some-mail-deliveries\/","title":{"rendered":"U.S. Postal Service finalizes plan to slow some mail deliveries"},"content":{"rendered":"<p>WASHINGTON (Reuters) &#8211; The U.S. Postal Service (USPS) on Friday finalized a plan effective Oct. 1 to slow down some first-class mail deliveries as part of efforts to cut red ink.<\/p><figcaption class=\"Slideshow-description-447Md\">Slideshow <span>( 2 images )<\/span><\/figcaption><p>Postmaster General Louis DeJoy proposed in March to revise existing one- to three-day service standards to one to five days for first-class mail. USPS said on Friday that 61% of first-class mail will remain at its current standard.<\/p>\n<p>USPS said in a notice published in the Federal Register current standards require it \u201cto rely heavily on air transportation, using air cargo transportation carriers and commercial passenger air carriers.\u201d<\/p>\n<p>Delivery standards will be slower for about 7% of periodicals.<\/p>\n<p>Airplanes, USPS added, are less reliable than surface transportation and costs much more because of \u201cweather delays, network congestion, and air traffic control ground stops.\u201d<\/p>\n<p>The \u201caddition of one or two days to current service standards for first-class mail and periodicals would enable the Postal Service to convey a greater volume of mail within the contiguous United States by surface transportation,\u201d it said.<\/p>\n<p>While acknowledging \u201csome uncomfortable changes,\u201d DeJoy defended the plan earlier on Friday at a board of governors meeting, saying it makes a commitment to deliver to \u201cevery address in the nation, six days a week, and strives for financial sustainability.\u201d<\/p>\n<p>USPS on Friday posted a $3 billion quarterly net loss, with a 1.1% rise in first-class mail deliveries to 12.1 billion pieces. But \u201cvolumes remain lower than pre-pandemic levels and we expect continued secular declines,\u201d it added.<\/p>\n<p>For the minority of first-class mail affected by the slower delivery window \u201cthe standard would only change by one or two days (with most of such volume experiencing a one-day change),\u201d USPS said.<\/p>\n<p>USPS added it has been unable to achieve existing \u201cservice performance targets for many years, and that these service failures illustrate the weakness of the current transportation model.\u201d<\/p>\n<p>In June, the attorneys general of 20 states asked the U.S. Postal Regulatory Commission to reject plans to slow down some first-class deliveries, saying allowing that to happen could harm local governments\u2019 ability to fulfill essential functions.<\/p>\n<p>DeJoy unveiled a plan in March to cut $160 billion in predicted losses over the next decade with the changes in service standards a key part.<\/p>\n<p>USPS has struggled with poor delivery performance over the past year, facing a huge boost in packages and staffing issues due to the coronavirus pandemic. It said Thursday that through July it delivered 89% of first-class mail on time, up 1.5 percentage points.<\/p>\n<p>Starting Aug. 29, USPS will raise prices of first-class postage stamps to 58 cents from 55 cents. Price hikes are needed because over the past decade, mail volume has declined by 46 billion pieces, or 28%, while single piece first-class mail declined 47%, USPS said.<\/p>\n<p>Congress is considering a plan to provide USPS with $46 billion in financial relief over 10 years, including eliminating a requirement that USPS pre-fund retiree health benefits for 75 years.<\/p>\n<p>The agency has reported net losses of about $90 billion since 2007. One reason is 2006 legislation mandating that it pre-fund more than $120 billion in retiree healthcare and pension liabilities, a requirement labor unions have called an unfair burden not shared by other businesses.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/usa-postal-service\/update-2-u-s-postal-service-finalizes-plan-to-slow-some-mail-deliveries-idUSL1N2PD2GX\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters) &#8211; The U.S. Postal Service (USPS) on Friday finalized a plan effective Oct. 1 to slow down some first-class mail deliveries as part [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":119475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Postal Service finalizes plan to slow some mail deliveries - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/u-s-postal-service-finalizes-plan-to-slow-some-mail-deliveries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Postal Service finalizes plan to slow some mail deliveries - Fin2me\" \/>\n<meta property=\"og:description\" content=\"WASHINGTON (Reuters) &#8211; 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