Industry layoffs, what are people doing? - any advice?

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. I am open to a pay cut if the field is stable. Which areas are hiring?

Keep everything in writing and save the confirmation numbers. It saved me later.

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