US Postal Service warns it must continue cost cuts or remains on path to possible bailout

A United States Postal Service mailbox is seen in Manhattan, New York City

WASHINGTON (Reuters) – The U.S. Postal Service said Thursday it must continue to cut costs in the face of continuing red ink or will remain on the path to either “government bailout or the end of this great organization as we know it.”

USPS on Thursday reported a net loss of $9.5 billion for its fiscal year ending Sept. 30, a $3 billion bigger loss than last year, largely on a year-over-year increase in non-cash workers’ compensation expense, while total operating revenue was $79.5 billion, up 1.7%.

(Reporting by David Shepardson)