\u2022\u00a0Volume.<\/strong>\u00a0Total volume was approximately 31.6 billion pieces, up 2.9 percent from one year earlier. First-Class Mail volume declined 0.6 percent, while Marketing Mail volume grew 8.4 percent. Shipping and packages volume declined 5 percent.<\/p>\n \u2022\u00a0Expenses.<\/strong>\u00a0Total operating expenses increased approximately 7.7 percent, compared with the same quarter last year. Excluding noncash workers\u2019 compensation adjustments for the impacts of actuarial revaluation and discount rate changes, total operating expenses increased 4.4 percent, driven largely by ongoing inflation.<\/p>\n \u2022\u00a0Adjusted loss.<\/strong>\u00a0The Postal Service reported an adjusted loss of $1.7 billion, essentially flat compared with the same quarter last year. Adjusted loss excludes noncash workers\u2019 compensation adjustments for the impacts of actuarial revaluation and discount rate changes, which are outside of management\u2019s control.<\/p>\n \u201cDuring the quarter, we made strong strides in on-time service performance, demonstrated the effectiveness of our network through the delivery of COVID-19 tests, and continued to aggressively implement key aspects of Delivering for America,<\/em>\u00a0our 10-year transformation plan,\u201d said Postmaster General Louis DeJoy. \u201cOur financial results this quarter demonstrate the challenging nature of the current inflationary economic environment as we make structural progress in balancing long-standing revenue and cost imbalances and returning the organization toward financial sustainability.\u201d<\/p>\n The Postal Service\u2019s\u00a0May 5 news release<\/em><\/a>\u00a0has additional information.<\/p>\n
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