The U.S. Postal Service (USPS) posted a net loss of $384 million in the first quarter of fiscal year 2009. Revenue was down by 6.3 percent — or $1.3 billion – – compared to the same quarter last year. This comes on the heels of a $2.8 billion loss for FY2008. Mail volume decreased by 5.2 billion pieces, marking the eighth consecutive quarter of decline. Workhours decreased by 7.5 percent, which helped operating expenses fall to $19.5 billion — a 1.1 percent decrease when compared to the first quarter of FY 2008. Lower energy prices were also a factor in the decrease in operating expenses.
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