I've been an engineering tech at my current workplace for almost 11 years. I always had a list of work to do and had overtime available any time I wanted. In mid 2008, things started slowing down. In November of 2008, my hours were cut to a max of 32/week. Late last year, my employment went from reduced hours to an attached employee. This basically means that I still have a job and my employer wants to keep me around, but doesn't have work for me. I am able to draw an unemployment check but it barely covers my bills.
I consider myself lucky that I only have to support my dog and myself. I was pretty responsible and put back some cash for a rainy day, got half the mortgage I qualified for, avoided buying a new vehicle (no car payments), and paid cash for everything I own (no credit card debt). In the past year, I've pulled $7k from savings to keep things going. If things don't pick up by mid year, I'll probably end up raiding the 401k.
Hopefully things will pick up soon.