There is considerable evidence that American workers face lower risks of job loss in recent years than 10, 20, or 30 years earlier. I summarize some of the evidence for this claim and explain why the decline of job loss matters. My attention centers on “unwelcome” job loss: employer-initiated separations that lead to unemployment, temporary or persistent drops in earnings, and other significant costs for job losers. Since there is no fully satisfactory statistic for the incidence of job loss, I consider several measures and data sources.