I am about to be laid off where I am currently working and although I have several applications out there I have no guaranty of employment. I think it is important to fill in the gap of extra time and give yourself a routine to replace the 8 hours of work every day. Here are some I am going to do:

Devote 3 Hours a day on job searching tasks, sending resume's, researching companies, etc...

Increase my exercise, since I have the extra time, using it to get fit certainly will not hurt me

Tackle some long running household projects that have been delayed due a lack of time in the past.

Write, something I rarely get to do these days. I have notes for a novel I have not started yet.

Get a part time job, there is plenty of retail arround me and to be honest I am a far more experianced than many of these teenagers these places hire.

Volunteer, museums always are looking for people to come in and help out, a good way to expand my knowledge of the world for free. Homeless shelters, helping others in dire need and reminding myself that however bad my outlook maybe, it could be a lot worse.