Industry layoffs, what are people doing?

Our sector has been shrinking and I am unsure if I should wait it out. I have read a lot of threads here and could not find my exact situation. The postings I see are fewer and ask for more. How did you choose?

Thanks for writing this out. I went through something close to it last year, and it got easier once I kept a simple log of every call and form.

Look at job postings to see which skills repeat, then fill the gap. That gave me a direction.