by Calculated Risk on 4/01/2015 08:09:00 PM

Update to "It never rains in California" ... from the Sacramento Bee: Jerry Brown orders mandatory water reductions amid California drought

With California slogging into its fourth year of withering drought, Gov. Jerry Brown on Wednesday ordered mandatory water reductions of 25 percent in cities and towns across the state.
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The snowpack, which typically accounts for about 30 percent of California’s water supply, has been declining since the first manual survey of the season, in December. According to the most recent electronic readings, it now stands at its lowest level in recorded history, just 8 percent of average.

Thursday:
• 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to increase to 285 thousand from 282 thousand.

• At 8:30 AM, the Trade Balance report for February from the Census Bureau. The consensus is for the U.S. trade deficit to be at $41.5 billion in February from $41.8 billion in January.

• Early: Reis Q1 2015 Apartment Survey of rents and vacancy rates.

• At 10:00 AM, Manufacturers' Shipments, Inventories and Orders (Factory Orders) for February. The consensus is for no change in February orders.