US:Post office's losses reach $2.4B for third quarter

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WASHINGTON — The post office says it lost $2.4 billion from April through June.

That brings the year's losses so far to $4.7 billion. And the Postal Service expects to be $7 billion in the red when the fiscal year ends Sept. 30. The stark figures come from a decline in mail volume as people rely more on e-mail, plus a dip in advertising mail because of the recession.

In an effort to reduce costs, the agency has proposed closing several hundred local post offices, has asked Congress for permission to reduce mail delivery to five days a week, and has reduced hours at many offices.