There will always be layoffs. And always before layoffs there will be a hiring phase - and for a few reasons - tax incentives for new hires, keep people guessing, keep people happy (you're not very productive if you know the company is going to layoff - if company is hiring why would anyone think there would be layoffs?). Maybe there is no layoffs, after all a rumor is just a rumor.
Take a look around you, some departments have no idea what state the company is in. Look around, is there less and less work available in the company? Is work being moved to outside service centers? Are there lots of people doing nothing? It could be a sign of things to come or it might just be slow, but if it's more so than usual go with your instinct.