iPhone 5: Power to Change the Economy?

Apple's newest smart phone could have unique applications.
3:00 | 09/12/12

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Transcript for iPhone 5: Power to Change the Economy?
It was big theater today at the brand new iphone was unveiled and we'll tell you about the phone. But we also had another question. How much does this one device change the energy in the american economy? Does it create american jobs? Abc's neal karlinsky takes us inside version 5 of the new big thing. Reporter: Apple unleashed its latest iphone 5 sitting on a pedestal sitting like a work of art. The most successful smart phone in a sea of competition has a bigger screen, thinner and lighter. One function is called passbook. You have an airline ticket electronically in your phone. It knows where you are. The plane ticket pops up and checks you in automatically. Reporter: But it didn't pack big surprises. It no longer seems to matter to apple's massive bottom line? Will it be a hit in. Yes. It will. It will be a hi so many people are on the apple band wagon right now. Reporter: Analysts dweev it will sell enough to help the noise's economy. Jpmorgan's chief economist predicted the iphone 5 could had 25 to 50 percentage points to the economy. I think it's afeting the economy globally. Apple's manufacturing process is controversial costing $8 per phone and done in china. But company said american jobs part of the process. More than 500,000 american jobs in one way or another connected to the apple universe. Among them the people at corning who make the phone's amazing gorilla glass. They say the invention of the iphone saved a plant in kentucky. In the manufacturing facility there's 400 people but we have 400 additional researcher, scientist, other developers, support staff. Reporter: Don't expect to see an iphone made here any time soon. Apple's ceo tim cook said he would like to move more jobs back to america someday. Neal karlinsky, abc news, san francisco.

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