The collapse in GDP brought about by the global economic crisis in 2008 affected female employment less than male employment, whereas austerity has been particularly harsh on women, a gendered impact described in the literature as “he‐cession to sh(e)‐austerity”. This article analyses gendered trends in the labour markets of eight European countries, decomposing quarterly changes in labour participation of women and men and in employment by sector. The “he‐cession to sh(e)‐austerity” scenario is not observed in all countries. Other channels through which austerity policies can jeopardize gender equality and women's rights are identified with reference to a typology of such policies.