look up any word, like wcw:
 
1.
The period of unemployment between being laid off and starting a new job.

The duration of an American Vacation can vary from a few weeks to multiple years.

The term originated as a way of noting the relatively poor vacation time offerings of most American employers. For many overworked Americans, being laid off provides the only significant vacation time they will ever receive.
"John is on an American Vacation, so he is busy updating his resume."
by Mattomondo May 25, 2012