It's "rightsizing" when you end up still having a job. When you're unemployed, the term is "economic depression".
Finally heard back today (ok, it's after midnight, so "yesterday").
They had a meeting and were told that due to budgetary concerns, they aren't hiring anyone, and are going to do a "reorg" (read: laying off). Not only did I not get the job, nobody else did either. I called the techie who interviewed me just to check, and he joked that he'd be sending me his resume when he got home.
So, I guess the [s]depression[/s]recession isn't over after all.