Japan's services business activity index (PMI) rose to 51.7 points in October from 51.3 points in September, showing growth for the fifth consecutive month, Reuters reports. At the same time, the index turned out to be lower than the initial estimate of 52 points, and the level of business confidence of companies dropped to its lowest level since March. The decline in optimism came as business concerns about inflation and labor shortages led to the weakest hiring pace in 14 months.