SAN JOSE, Calif., July 1 - Things are looking up at Wyse Technology, a venerable maker of computer terminals. Unless, that is, you happen to want to work for the company here in Silicon Valley.

Responding to booming demand in Asia and in Europe, Wyse is adding new development teams in India and China and expanding its worldwide work force to about 380, from 260. Its profits are recorded here -- but almost none of its new jobs.

Amid widespread signs of economic recovery in the region, Wyse is emblematic of its economy, in which demand, sales and profits are rising quickly while job growth continues to stagnate.

In the last three years, profits at the seven largest companies in Silicon Valley by market value have increased by an average of more than 500 percent while Santa Clara County employment has declined to 767,600, from 787,200. During the previous economic recovery, between 1995 and 1997, the county, which is the heart of Silicon Valley, added more than 82,800 jobs.