It’s harder than ever to get fired or laid off

One more sign that American workers are in a uniquely powerful position these days: Layoffs and discharges are at record lows.

In December, just 0.8 percent of all US employees were let go, a record according to Bureau of Labor Statistics data that goes back more than two decades. The low rate of layoffs is yet another indicator that workers have a unique amount of power right now. How long they have it and what they will do with it remains to be seen, but there’s reason to believe that this moment could...