Industry layoffs, what are people doing? - what worked for you?

Our sector has been shrinking and I am unsure if I should wait it out. I would rather hear the honest version than the polite one. I have transferable skills but no direct experience elsewhere. Which areas are hiring?

Thanks for writing this out. I went through something close to it 7 months ago, and it got easier once I kept a simple log of every call and form.