Australia's central bank is sounding upbeat about a sturdy labour market, a falling currency and resilient household consumption, but warned protectionist trade policies in the United States were a "material risk."

U.S. CPI increased 0.2% last month after a similar gain in July. In the 12 months through August, the CPI increased 2.7%, slowing from July's 2.9% advance. Excluding the volatile food and energy components, the CPI edged up 0.1%. The so-called core CPI had increased by 0.2% for three straight months.

U.S. job growth accelerated in August strengthening views the economy was so far weathering the Trump administration's escalating trade war with China.

Nonfarm payrolls surged by 201k jobs last month, boosted by hiring at construction sites, wholesalers and professional and business services. The economy needs to create 120k jobs per month to keep up with growth in the working-age population.

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