Apple is expected to sell as many as 10 million of the devices in just the first days of the launch starting September 21, and upwards of 50 million in the fourth quarter, including a big chunk in the United States.
Even before the iPhone 5, Apple cited a study showing it has created or supported more than 500,000 US jobs, including 47,000 at Apple alone and 200,000 in the so-called "app economy."
Apple's launch comes amid a spate of new product releases expected to woo US consumers in the pre-holiday season.
The Consumer Electronics Association projects record sales of electronics of $206 billion this year, the first time above the $200 billion mark.
Along with phone launches, Microsoft is producing its own Surface tablet computer, Google has introduced a tablet and smartphone and Amazon has upgraded its Kindle Fire tablets.
And Apple is expected to launch a "mini iPad" in the coming weeks to cement its position in the tablet market.
All this has the potential to boost share prices, consumer spending and the so-called supply chain involving component makers. Apple's record stock price surge has helped push the Nasdaq stock exchange to its highest level since 2000, after the dotcom collapse.