EMERGING MARKETS-Latin American stocks rise on U.S. jobs data

* U.S. employment grows faster than expected in Nov

* Commodities firms gain on Brazil's Bovespa

* Bovespa rises 1.44 pct, Mexico IPC up 0.31 pct

By Asher Levine

SAO PAULO, Dec 7 (Reuters) - Latin American stocks rose on
Friday after strong labor market data in the United States
suggested a recovery in the world's largest economy continues to
gain momentum.

Oil and mining firms drove gains in Brazil's benchmark
Bovespa index while Mexico's IPC index rallied
for a fifth straight day.

Data on Friday showed U.S. employment grew faster than
expected in November, though hiring continues to be held back by
fears the government may fail to prevent the so-called "fiscal
cliff" of automatic tax hikes and spending cuts, set to begin at
the start of next year.

"We are seeing some euphoria in the market on the jobs
data," said Hamilton Alves, a senior analyst at BB Investimentos
in Sao Paulo, who added that today's jump would likely be
short-lived with investors cautious over the U.S. debt
negotiations.

Raw materials exporters also received a boost after sources
said China's leaders are likely to maintain a 7.5 percent
economic growth target in 2013.

China is Brazil's biggest trading partner and a key
purchaser of Latin American commodities exports such as iron
ore, petroleum, copper and soy.

Brazil's benchmark Bovespa stock index gained 1.44
percent to 58,488.75, and is on track to close the session with
a 1.8 percent weekly gain.

Shares of iron-ore mining giant Vale SA rose 1.25
percent, contributing most to the index's gains, while
state-controlled oil company Petrobras climbed 1.4
percent.

JBS SA, the world's biggest beef producer, fell
1.4 percent after local media reported that mad cow had cropped
up in the southern state of Parana two years ago, though the
agriculture ministry denied the reports.

Mexico's IPC index rose 0.31 percent to 42,720.56 and
was on track for an over 2 percent weekly gain.

A technical indicator known as the relative strength index
neared "overbought" territory, however, suggesting a recent
rally may be vulnerable.

Mining firm Grupo Mexico rose 0.8 percent,
contributing most to the IPC's rise, while broadcaster Grupo
Televisa gained 0.3 percent.

Chile's IPSA index remained virtually unchanged at
4,139.88 and little changed for the week.

Regional energy group Enersis added 1 percent,
while industrial conglomerate Empresas Copec SA lost
0.71 percent.

Latin America's key stock indexes at 1436 GMT:
Stock indexes daily % YTD %

Latest change change
MSCI LatAm 3,663.23 0.81 0.88

Brazil Bovespa 58,488.75 1.44 3.06

Mexico IPC 42,720.56 0.31 15.22

Chile IPSA 4,139.88 0 -0.90

Chile IGPA 20,341.61 0.01 1.05

Argentina MerVal 2,465.62 0.63 0.12

Colombia IGBC 14,409.68 -0.04 13.77

Peru IGRA 20,190.89 -0.01 3.68

Venezuela IBC 410,605.19 0.16 250.84

(Editing by W Smon)