Key Takeaways
- Apple (AAPL) has officially launched Apple Upgrade, a new hardware leasing program in the U.S. backed by Klarna, with monthly payments starting as low as $11.99 for iPads and Apple Watches.
- The tech giant is discontinuing its long-standing iPhone Upgrade Program and iPhone Payments programs for new sign-ups in the United States.
- U.S. private-sector hiring continues to soften, with the ADP NER Pulse reporting an average of 15,000 jobs added per week for the period ending July 11, down from the previous 16,500.
- The new Apple leasing structure offers 24-month terms for iPhones and Watches, and 36-month terms for Macs and iPads, emphasizing lower monthly costs over traditional ownership.
Apple Overhauls Hardware Sales with Klarna Partnership
Apple (AAPL) announced a significant shift in its retail strategy today with the launch of Apple Upgrade, a comprehensive leasing program for its core hardware lineup. Provided in partnership with Klarna, the service allows customers to lease an iPad or Apple Watch starting at $11.99 per month, while Mac leases begin at $24.99 per month and iPhones at $17.99 per month.
This new initiative effectively replaces the decade-old iPhone Upgrade Program and iPhone Payments programs in the U.S. market. Unlike the previous installment plans that often bundled AppleCare+, the new Apple Upgrade leases treat insurance as an optional add-on, focusing instead on providing the lowest possible monthly entry point for premium hardware.
The program is designed to drive higher upgrade frequencies by allowing users to return devices at the end of their lease term—24 months for mobile devices and 36 months for computers—or buy them out for the remaining balance. Analysts suggest this move helps Apple maintain ecosystem lock-in while offloading financial credit risk to Klarna.
US Labor Market Shows Continued Signs of Cooling
On the macroeconomic front, the ADP National Employment Report released its latest NER Pulse data, showing a further deceleration in private-sector hiring. For the four weeks ending July 11, U.S. employers added an average of 15,000 jobs per week, a decline from the 16,500 average reported in the prior period.
This marks the fifth consecutive week of slowing hiring momentum, according to ADP data. The figure came in below the consensus forecast of 16,500, reinforcing a broader trend of a cooling labor market that has persisted throughout the summer of 2026.
Market reaction to the employment data was relatively muted, though the US Dollar Index (DXY) saw slight gains as investors weighed the cooling labor figures against recent inflation data. The steady decline in weekly job additions suggests that while the labor market remains in expansion territory, the "impasse in hiring" is becoming more pronounced as companies tighten payrolls.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.