Manufacturing in the New York region developed in August for the first time in more than a year, reinforcing signs the worst recession since the 1930s is nearing an end.

The Federal Reserve Bank of New York’s general economic index climbed to 12.1, higher than forecast and the first expansion since April 2008, the bank said today. Readings above zero for the Empire State index signal manufacturing is growing.

 “Inventories were drawn down to such amazingly low levels that companies need to start bringing them back,” said Tom Porcelli, a senior economist at RBC Capital Markets in New York. “We are coming out of the recession. It’s probably over at this point.”

Stocks fell around the world as investors entertained the recent rally in riskier assets had outpaced prospects for economic growth. The Standard & Poor’s 500 index was down 2.2 percent at 10:02 a.m. in New York to 981.73.

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