Postal Service: Red ink for 11th year in row as mail slumps

FILE - In this Feb. 7, 2013 file photo, a U.S. Postal Service letter carrier gathers mail to load into his truck before making his delivery run in the East Atlanta neighborhood in Atlanta. (AP Photo/David Goldman, File)

WASHINGTON (AP) – The beleaguered U.S. Postal Service has reported a financial loss for the 11th straight year, citing declining mail volume and costs of its pension and health care obligations. This came even as Postal officials predicted another strong holiday season of package deliveries.

The Postal Service pleaded for more freedom to raise stamp prices to help keep pace with consumer demand for ever-quicker deliveries from online shopping.

Postmaster General Megan Brennan said that without help, “our financial results will continue to deteriorate and likely at an accelerated rate.” She added that “we cannot generate enough revenue or cut enough costs to pay all of our bills.”

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