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* 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)