In yet another piece of news that somehow will be seen as largely bullish for risk, if not so bullish for the USPS's 600,000 thousand workers, we learn that the United States Postal Service, long on the verge of insolvency, has decided to take its already snail-pace speed... and make it even slower.
- U.S. POSTAL SERVICE ASKS REGULATOR FOR PERMISSION TO SLOW MAIL DELIVERY SPEED
- POSTAL SERVICE SEES $2.1 BILLION IN SAVINGS FROM CLOSING PLANTS
- SLOWING MAIL DELIVERY WOULD ALLOW FOR CLOSING PROCESSING PLANTS
- POSTAL SERVICE SEES $14B LESS REV. FROM 1ST-CLASS MAIL BY 2020
- U.S. POSTAL SERVICE COMMENTS IN STATEMENT
Note: "savings", means job cuts. Yet in some parallel universe the ISM's Nieves is telling those gullible enough to listen, that the sharply contracting ISm Services employment index will rebound in December, on something or another. And as a reminder in August we learned that "in an attempt to avoid bankruptcy, [the USPS] is now seeking to reduce its total overhead by 20%, or a whopping 120,000 workers (a number which would amount to roughly an increase of 0.1% in the national unemployment rate)." In other words, the can kicking for America's postmen is about over.