The survey of new orders for long-lasting goods contains one of the most closely watched U.S. economic indicators. WSJ explains durable goods, and why investors look beyond the headline number for a better read on business activity. Photo: Josie Norris/The San Antonio Express-News U.S. industrial production rose for the fourth consecutive month in August but at a much lower rate than earlier in the summer, a sign that the manufacturing recovery is slowing. The Federal Reserve on Tuesday said industrial production—a measure of output at factories, mines and utilities—rose a seasonally adjusted 0.4% in August from July, following a revised 3.5% rise in July. Despite several months of advances, output remains far below its level before the coronavirus pandemic hit in the spring. …