Twenty unemployed managerial/professional staff were interviewed in depth to investigate from an individual perspective the psychological impact of unemployment in relation to three broad areas: (a) feelings about becoming unemployed; (b) the process of structuring time and (c) the job search. The experience of unemployment varied according to individual circumstances but some broad trends could be identified. Overall, the same phasic reaction as reported previously was being experienced but the phases were being passed through more slowly. Some possible reasons were suggested. The need was reiterated for further information on the psychological impact of unemployment and the factors moderating it as a basis for action.