Apple iPhone 5 launch could boost US economy
Launch of gadget could add up to half of a percentage point US economic growth in fourth quarter
The iPhone 5, which Apple plans to unveil tomorrow, could do more than boost the tech firm's bottom line. According to J.P. Morgan Chase & Co.'s chief US economist Michael Feroli, sales of the new phone could add between a quarter and a half of a percentage point to the annualised rate of US economic growth in the fourth quarter. Feroli laid out his thinking in the Wall Street Journal: eight million new iPhone units sold between now and the New Year at $600 each (less about $200 in imported components, so $400) could boost US GDP by $3.2 billion. That's $12.8 billion at an annual rate, roughly a third of a percentage point in the annualised rate of GDP growth.