The Collaborative International Dictionary of English v.0.48:

Loaf \Loaf\, v. i. [imp. & p. p. Loafed; p. pr. & vb. n.
   Loafing.] [G. laufen to run, Prov. G. loofen. See Leap.]
   To spend time in idleness; to lounge or loiter about. "
   Loafing vagabonds." --W. Black.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

loafing \loaf"ing\ n.
   having no employment; being idle intentionally.

   Syn: idleness, idling.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

loafing
    n 1: having no employment [syn: idleness, idling, loafing]