"Time off"... Riiiight...

So, how does one explain to one's successful friends that one is out of a job?

Due to the current economic downturn and funding issues within my current employer, I shall soon be without a job. Suffice it to say, I have been doing some serious pavement-pounding for another, but as of this post, my over 100 resume/cover-letter combos have been fruitless. So now, everyone at the current job knows I'm leaving, and I've told my close friends the whole story...

But what do you say to the people you see in passing who ask?

The current story is that I'm off to volunteer on a local senatorial campaign, which may or may not be true, depending on their need for volunteers. But is there a short and polite way to say "I'm leaving my current job, and I don't have another" without eliciting pitiful remarks or that look that just screams "wow, fired, what ethics code did you violate"?

Suggestions are more than welcome.