US Postal Service to cut costs

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13 September 2006 — Washington (DC): The US Postal Service is to cut costs by $1.1 billion in fiscal 2007.
             
The cost reduction contains a planned decrease of 40 million work hours from the "estimated fiscal 2006 level", the service said in a statement.
             
The service’s board of directors said that it will maintain its deliveries by improving automation and other productivity initiatives.
 
The board expects a net annual deficit of $1.6 billion in fiscal 2007.