Mexico stocks rise on US productivity,jobless data

(Adds peso, share movement and background)

MEXICO CITY, Nov 5 (Reuters) - Mexican stocks jumped on Thursday after U.S. data showed a jump in productivity and a drop in new claims for jobless aid, boding well for economic recovery in the United States, Mexico's top trading partner.

The IPC stock index .MXX rose 1.07 percent to 29,744 points as shares in America Movil (AMXL.MX) rose 1.35 percent to 30.85 pesos while copper miner Grupo Mexico (GMEXICOB.MX) added 1.1 percent to 27.45 pesos.

U.S. business productivity in the third quarter grew at the fastest pace in six years while initial claims for state unemployment fell to a 10-month low last week, indicating the decline in labor market may be hitting bottom.

Mexico is counting on a rebound in demand for its exports in the United States to help pull it out of the deepest local recession since the 1930s

The peso MXN=MEX01 reversed early gains on the U.S. data to slip as oil prices fell, losing 0.1 percent to 13.3075 per dollar. Mexico is a major crude exporter. (Reporting by Michael O'Boyle, editing by W Simon)