Every time I visit LinkedIn to help a client or see invites in my email box from LinkedIn, invariably there's at least one of the following titles used by a connection or invitee:
"Currently Looking for an Opportunity"
"Looking for Work"
"Needing a Job"
None of these titles will help you in your job search! LinkedIn works through several different algorithms, and one of those is keywords. Instead of using some sort of "description" regarding your current situation, tell them what you are looking for specifically. For instance, if you are a salesperson try this: Sales Professional | Business Development | Customers Needs Assessment | Consultative Sales | Cold Calling | Relationship Management
You have 100 characters and spaces to give Human Resources, Recruiter/Headhunters, and Hiring Managers detail on what you can do for them in the title section, versus just telling them you are unemployed. What are the keywords and key phrases most appropriate to your industry? Not only should they be used in your resume, but should be used on your LinkedIn profile, especially in the first thing a hiring professional will see - your title. To your job search success.