Service sector growth hits lowest level since 2008

Latest economic indicator adds to global market jitters

Service sector growth fell to a five-year low in January, an official survey showed, the second indicator in as many days that the world's second-largest economy is facing headwinds. Global markets fell on Monday, in part due to concerns over the economy.

The National Bureau of Statistics said on Monday the official non-manufacturing Purchasing Managers' Index (PMI) fell to 53.4 in January from December's 54.6. A reading above 50 indicates growth, a reading below 50 indicates contraction