* U.S. employment grows faster than expected in Nov
* Commodities firms gain on Brazil's Bovespa
* Bovespa rises 1.44 pct, Mexico IPC up 0.49 pct
By Asher Levine and Danielle Assalve
SAO PAULO/MEXICO CITY Dec 7 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, which saw trading volume of 5.7 billion
reals ($2.74 billion), well below the daily 2012 average of 7.2
billion reals. Mexico's IPC index rallied for a fifth
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.
"This data is a sign that the recovery of the U.S. economy
is back on track, right back on track," said Christian Klemt, an
analyst with Solidus brokerage in Porto Alegre.
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 58,487.32, closing the session with a 1.8 percent
Shares of iron-ore mining giant Vale SA rose 0.9
percent, while state-controlled oil company Petrobras
climbed 2.03 percent, contributing most to the index's gains.
Mexico's IPC index rose 0.49 percent to 42,797.67,
ending the week up 2.31 percent.
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 1.02 percent,
driving the IPC's rise, while broadcaster Grupo Televisa
gained 1.05 percent.
Chile's IPSA index remained virtually unchanged at
4,136.97 and little changed for the week.
Latin America's key stock indexes at 2230 GMT:
MSCI LatAm 3,660.13 0.72
Brazil Bovespa 58,487.32 1.44
Mexico IPC 42,797.67 0.49
Chile IPSA 4,136.97 -0.07
Chile IGPA 20,322.68 -0.08
Argentina MerVal 2,480.03 1.22
Colombia IGBC 14,426.74 0.08
Peru IGRA 19,938.26 -1.26
Venezuela IBC 424,767.88 3.62