Need stamps? If you can’t make it to your local Post Office, you can buy stamps at more than 36,000 supermarkets, drug stores and other retailers, and 20,000 ATMs.
Through it all, we delivered on our commitment to service and affordability.
As the recession and cost obligations challenged the Postal Service like never before in our history, we responded with a focused effort to operate more efficiently and effectively, and add new value to the mail. We kept our focus on providing the reliable, universal service the American people expect from their Postal Service.
Our customers trust us to deliver for them — in any economy — and we didn’t let them down.
Our financial success depends on the underlying soundness of the economy. Mail volume historically reflects the nation’s financial health. As the United States plunged into a deep recession during the year, the effect on mail volume was dramatic and unprecedented — more than 25 billion fewer pieces than the year before.
It wasn’t the recession alone that created financial obstacles for the Postal Service. A statutory requirement to pre-fund health care benefits for future retirees is an obligation that no other government or private-sector employer has. At the end of the year, congressional action reduced this payment from $5.4 billion to $1.4 billion, helping reduce the year’s financial shortfall.
In responding to a changing marketplace and uncertain economy, we aggressively worked to bring costs in line with reduced revenue. We took our efforts to unprecedented levels, cutting spending by more than $6 billion. That’s a remarkable accomplishment for any business or organization.
We also kept our eyes on the future, implementing a growth strategy based on pricing and product innovations designed to make it easier for customers to stay in the mail — and help grow their businesses. Through technology advances, we provided customers with more information about their mail than ever before, adding value in terms of targeting and effectiveness. And our employees pulled together to deliver on the promise of our brand — excellent service to every home and business.
While the economic challenges we faced, and continue to face, have prompted the nation to closely examine the business model of the Postal Service and its role in 21st-century America, what hasn’t changed is the power of the mail.
Mail connects people and businesses. It provides trusted communications. It’s the foundation of a trillion-dollar industry that employs millions of Americans.
The potential of the mail remains as strong as ever.
It wasn’t the recession alone that created financial obstacles for the Postal Service.
