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 transferable skills but no direct experience elsewhere. 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.