{"id":5393,"date":"2023-04-10T20:49:36","date_gmt":"2023-04-10T20:49:36","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/u-s-postal-service-seeks\/"},"modified":"2023-04-12T23:40:05","modified_gmt":"2023-04-12T23:40:05","slug":"u-s-postal-service-seeks","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/u-s-postal-service-seeks\/","title":{"rendered":"U.S. Postal Service seeks to hike stamp prices by 5.4%"},"content":{"rendered":"<p>WASHINGTON (Reuters) &#8211;     The United States Postal Service (USPS) on Monday said it was seeking approval to hike the price of first-class mail stamps to 66 cents from 63 cents.<\/p>\n<p>USPS won approval to hike stamp prices to 63 cents from 60 cents in January. The new hike &#8211; which the USPS says is needed to offset the rise in inflation &#8211; would take effect July 9 if approved by the Postal Regulatory Commission.<\/p>\n<p>The price changes have been approved by USPS board of governors. The plan seeks to raise overall first-class mail prices by 5.4%.<\/p>\n<p>If approved, stamp prices will have risen 32% since early 2019 when they rose from 50 cents to 55 cents.<\/p>\n<p>USPS revenue for first-class mail has been increasing as price hikes have offset lower volumes.<\/p>\n<p>First-class mail, used by most people to send letters and pay bills is the highest revenue-generating mail class, accounting for $24.2 billion, or 31%, of the $78.8 billion in total USPS revenue in 2022. <\/p>\n<p>USPS said in February revenue for the final three months of 2022 was $21.5 billion, up $206 million, or 1%, on a volume decline of 1.7 billion pieces, or 4.8%. USPS reported a net loss for the quarter of $1 billion.<\/p>\n<p>First-Class Mail revenue increased $95 million, or 1.5%, on a volume decline of 587 million pieces, or 4.5% versus the same period in 2021. First-Class Mail volume remains lower than pre-pandemic levels.<\/p>\n<p>&#8220;Elevated inflation continues to have a significant impact on our results,&#8221; said Chief Financial Officer Joseph Corbett in February.<\/p>\n<p>In April 2022, President Joe Biden signed legislation providing USPS with about $50 billion in financial relief over a decade. USPS has reported net losses of more than $90 billion since 2007.<\/p>\n<p>Congress also forgave a $10 billion COVID-19 U.S. Treasury loan made to USPS in 2020 and awarded USPS $3 billion last year to fund electric vehicle purchases and charging infrastructure.<\/p>\n<p \/>\n<p> (Reporting by David Shepardson; Editing by Chris Reese and Aurora Ellis)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/u-s-postal-service-seeks\/a-person-enters-a-united-states-postal-service-post-office\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ390JP-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ390JP-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters) &#8211; The United States Postal Service (USPS) on Monday said it was seeking approval to hike the price of first-class mail stamps to 66 cents from 63 cents. USPS won approval to hike stamp prices to 63 cents from 60 cents in January. The new hike &#8211; which the USPS says is needed [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":5394,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-5393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ390JP-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/5393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=5393"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/5393\/revisions"}],"predecessor-version":[{"id":8307,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/5393\/revisions\/8307"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/5394"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=5393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=5393"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=5393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}