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When iPhones ring, the economy listens

Whether you love them or not - indeed, whether you're an Apple fan or not - this is a good time to recognise their significance as a financial force

New York

GLOOMY economic news and the wild swings of the stock market may be getting you down. But at least you can count on this: we've entered the sweet spot of the iPhone cycle.

Since Sept 19 - when the iPhone 6 and its larger sibling, the iPhone 6 Plus, went on sale - consumers have been ordering the gadgets faster than Apple can deliver them. The ripple effects are being felt throughout the economy, and these phones have been moving the stock market.

"The iPhone is having a measurable impact," said Michael Feroli, chief US economist for JPMorgan Chase. "It's a little gadget, but it costs a lot, and it seems that everybody has one. When you do the multiplication, it's going to matter." He estimates...

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