Since 2000, U.S. women’s overall employment rate has fallen, with the decline concentrated among women without a college degree. This decline largely reflects many of the same secular forces, such as trade pressures and technological advances, that have negatively affected labor demand for male workers who have not completed college. Although supply-side factors—including child care challenges and the “secondary earner penalty” in the U.S. tax code—are not the primary driver of falling female employment rates, supply-side policies that lower child care costs and marginal tax rates could help to increase female employment.