The next generation iPhone 5, which Apple 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, JPMorgan’s chief economist, Michael Feroli in a note to clients yesterday.

JPMorgan’s analysts expect Apple to sell around 8 million iPhone 5s in the fourth quarter. They expect the sales price to be about $600.