Past economic, health and policy shocks were associated with a downturn in fertility. We use monthly birth data collected by the Human Fertility Database (Short-Term Fertility Fluctuations data series) to analyze the impact of the COVID-19 pandemic on birth trends until April 2022 in 37 highly developed countries. We also present estimates of monthly total fertility rate adjusted for seasonality. Overall, the coronavirus pandemic did not bring a lasting “baby bust” in most of the analyzed countries. On balance, many countries experienced an improvement in their birth dynamics compared with the pre-pandemic period. This was especially the case in the Nordic countries, German-speaking countries and Western Europe, alongside New Zealand, Israel and Quebec. However, this summary picture hides distinct short-term shifts during the pandemic. The initial pandemic shock resulted in a fall in births in most countries, with the sharpest drop in January 2021. Next, birth rates showed a surprising short-term recovery in March 2021, linked with the conceptions after the end of the first wave of the pandemic. Most countries then reported stable or slightly increasing numbers of births in the subsequent months, especially in Autumn 2021. Yet another downturn in births and fertility rates occurred in January-April 2022.