iPhone 5 Launch Could Boost GDP

Save the economy? There may be app for that. JPMorgan is predicting that the release of Apple’s feverishly anticipated iPhone 5, expected to be unveiled Wednesday, could significantly boost GDP growth. According to JPMorgan’s Michael Feroli, the launch of the iPhone 5 could add between 0.25 to 0.5 percent to annualized economic growth in the fourth quarter. He says that the numbers from the blockbuster release last year of the iPhone 4S supports the lofty projection. At least 8 million iPhone 5’s are predicted to be purchased in the next three months.