EMERGING MARKETS-Latam stocks fall on US slowdown fears

* U.S. durable goods orders, new home sales weigh

* Petrobras, government dispute reserves size - media

* Mexico's IPC down 1.18 pct, Bovespa off 0.98 pct

MEXICO CITY, Aug 25 (Reuters) - Surprisingly weak U.S. data on durable goods orders and home sales drove Latin American stocks to a five-week low on Wednesday as fears mount that slowing growth in the United States will hit the region.

The MSCI Latin American stocks index .MILA00000PUS shed 0.93 percent.

New U.S. single-family home sales unexpectedly fell in July to set their slowest pace on record. [ID:nN25128234]

A separate report showed new orders for long-lasting U.S. manufactured goods, excluding transportation equipment, posted their largest decline in 1-1/2 years, which boded poorly for Latin America's exports to the United States. [ID:nN25268843]

"We are going to see a big slowdown in the United States during the third and fourth quarters, and logically, in Mexico as well," said Gerardo Copca, a strategist at consultancy MetAnalisis in Mexico City.

Mexico has the closest trade ties in the region to the United States and could be dragged down the most by a U.S. slowdown. A report on Wednesday showed the country's unemployment rate rose to 5.7 percent in July after shrinking the two previous months. .[ID:nN25128916]

The U.S. housing market has weakened since a special tax credit for homebuyers expired at the end of April. Renewed concerns about a weak housing market could further dent U.S. consumer confidence.

"The U.S. government could still do something to help since people are well aware of the possibility of a second recession," Copca said. "But with this uncertainty, it is just sell, sell, sell."

Mexico's IPC index .MXX lost 1.18 percent as telecommunications firm America Movil (AMXL.MX) lost 1.25 percent and miner Grupo Mexico (GMEXICOB.MX) fell 2.66 percent.

Brazil's benchmark Bovespa stock index .BVSP lost 0.98 percent as shares in state-controlled oil company Petrobras (PETR4.SA) fell 1.38 percent.

Local media reported that Petrobras management and Brazil's government clashed over the size of oil reserves to be used in an oil-for-stock swap. [ID:nN25116465]

Mining giant Vale (VALE5.SA), the world's biggest producer of iron ore, shed 1.5 percent.

In Chile, the blue-chip IPSA index .IPSA fell 0.62 percent. Shares of industrial conglomerate Copec COP.SN, the index's top-weighted stock, lost 0.33 percent.

Retailer Cencosud CEN.SN lost 2.46 percent while its rival Falabella FAL.SN gave up 0.72 percent. (Reporting by Michael O'Boyle and Luciana Lopez in Sao Paulo, Editing by W Simon )