Ugly US service sector,  factory sector and job market data dealt further blows to a US economy already on the brink of recession.

A report released by the Institute for Supply Management showed that the US service industry shrank for a second month running in February.

A separate report showed that the private sector last month shed jobs for the first time in nearly five years.

And a government report showed new orders at US factories fell 2.5% in January, the first decline since August last year.

“We are now in an extended recession with nothing positive on the horizon,” says Dr Russel McDougal.

“These are anything but normal times and you need to protect yourself.”