While I don't want anybody to lose thier job - I'd rather if they are going to do layoffs - they do it before the holidays - when a lot of companies are not hiring then.
Layoffs are sad - there is really no way to predict them. They will happen when they happen.
Always keep your resume, etc uptodate - one less thing to half to do. If you think you might be in the running of being let go - or are just not happy here - start looking now.
When it comes down to it - you have to look out for yourself - your manager is just that a manager. Regardless how good or not there are.