The next generation iPhone 5, which Apple Inc. plans to release this week, could not only boost the tech giant's bottom line - but could give a significant boost to the overall US economy.

Sales of the new iPhone could add between a quarter and a half percentage point to fourth quarter annualized growth in the US, according to J.P. Morgan's chief economist, Michael Feroli in a note to clients on Monday.

Such an impact would be significant.

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