The COVID economy and its accompanying stunted mating marketplace has essentially wiped out the last hope for early Millennial females (1982-1986) for having babies. The 1982-1986 born women were pushing into attending college at high rates, which reduces fertility by increasing careerism/feminism/SJW-ism. If you get an expensive BA/BS degree, you then have to pursue a white collar career to justify the cost of that degree. When 2008 hit, these women were either just finishing up college and not getting hired, last in first out layoffs, or in graduate school. If none of these things apply to them, then they apply to the men close to their age who they were most interested in securing for long term relationships. A good portion of the early Millennial cohort spend the entire 2010s cleaning up after the 2008 meltdown mess and then got hit by COVID. This reduced fertility.
Additionally, numerous technological disruptions entered the mating marketplace and all of them had the effect of reducing fertility. Why commit to a man and have a baby when that'll interfere with the flooded inboxes of OkC and PoF (late 2000s/early 2010s) or later the endless swipe queues of the major swipe apps (Tinder, Bumble, Hinge). Remaining childless makes you more followable on Facebook and Instagram living the big city, Sex and the City-esque, empowered female lifestyle.