USPS Posts Profit

DAILY BRIEFING

USPS Posts Profit

For the third consecutive year, the United States Postal Service will finish in the black, the Associated Press reports.

Postal money manager Michael J. Riley said the agency will finish 1997 with a $1.26 billion profit, which follows profits of $1.77 billion in 1995 and $1.57 billion in 1996. The agency's long-term debt has been trimmed to $1.36 billion.

Riley said the increased profits have led to growing pride among mail carriers and executives.

"People take great pride in how much they can save ... how well they can beat the budget," Riley said. "People need to be winners, they need to feel like they're winners."

Despite the profits, USPS officials are planning a 1-cent postage stamp rate increase to take effect as early as July 1.

The Postal Service is pushing to be debt-free by 1999.