The iPhone 5: U.S. Economic Savior?

(Ping! Zine Web Tech Magazine) – The U.S. economy hasn’t done very well within the past few years but could things change thanks to a highly anticipated release from Apple? Tomorrow, the Cupertino, California-based company will unveil its latest product offering, the iPhone 5.

As usual with the company’s releases, industry analysts expect the phone to be in high demand. So what role, if any, could the new mobile device play in a weakened economy?

According to a note released by banking corporation J.P. Morgan, the effect could be quite large. “We believe the release of iPhone 5 could potentially add between 1/4 to 1/2%-point to fourth quarter annualized GDP growth. Our equity analysts believe around 8 million iPhone 5’s will be sold in the US in Q4, even while sales of previous generation iPhones are maintained at a solid pace,” stated the company’s Michael Feroli.

If the analysis proves worthy, it could represent a GDP growth by $3.2 billion during the fourth quarter of 2012. Meanwhile, J.P. Morgan’s note made sure to mention last October’s release of the iPhone 4S, a device that outperformed expectations. However, the iPhone 5 is expected to be an even bigger release.