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 fell in September, snapping four months of growth, in another sign of a slowing recovery . The Federal Reserve on Friday said its index of industrial production —a measure of output at factories, mines and utilities—fell a seasonally adjusted 0.6% in September, following an unrevised 0.4% rise in August. Output remains 7.1% below where it was in February, before the pandemic hit, the Fed said. The decline in industrial production shows “a concern that the industrial recovery appears to be stalling with output well below its pre pandemic level,” Andrew Hunter, senior U.S. economist at Capital Economics, wrote in a note to clients. […]