US factory inventories rose 0.7% in September, led by automobiles, machinery and electrical equipment.

I wouldn’t get too worried yet. Inventories remain well below historical levels. We’ll see a slight dip in orders in some end-product segments, some of which is seasonal, some due to OEM caution.

Keep an eye on the component stocks, though. Don’t overorder just because you think parts are going to get even harder to come by. A good supply chain balance requires the entire chain to work together. Remember 2001.