Canada to follow US into recession

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OTTAWA, Oct 27 (Xinhua): The global economic crisis has already spread to "the real economy" of retail sales and the whole North America will inevitably head into a recession, prominent US economist and trader Dennis Gartman predicted yesterday.
Unemployment in the United States has risen to six per cent and is likely to hit eight per cent or nine per cent, indicating the coming of a recession, said Gartman, author of "The Gartman Letter," during an interview with Canadian Television.
With the interlocking economies of Canada and the United States, one can conclude that as the United States goes into recession, so goes Canada, he said.
"Canada can't avoid recession. We are your biggest client, you are our biggest client and for the next six months or so we are going to drag Canada down with us. That's just a very normal circumstance."
Gartman said he has been traveling to across North America in recent weeks, and everywhere he goes, retail sales look very weak, as though they have "fallen of the edge of the cliff."