In the midst of an expanding economy and a generally healthy electronics industry, the downsizing hasn't stopped and probably won't. Stop worrying, and get ready. Don't let downsizing scare you. Consider it nature's way of prodding your career to its next level. Be calm by being prepared.
People worry when they have no control over their future.
Ironically, this makes their future worse. When you worry, you get distracted and the quality of your work suffers. When the ax falls, you're identified as an engineer whose work hasn't been up to snuff and your fear of losing your job becomes a self-fulfilling prophecy. But that ax is a good thing. It is a signal that change is coming, and it offers you some lead time to start a job search before it actually falls and panic sets in.