Scholars’ engagement with the issue of how fluctuations in the business cycles and fertility are linked re-flourished in the aftermath of the Great Recession of 2008-09. Finland as the other Nordic countries, although affected to a lesser extent compared to other regions of Europe, are no exception to this decline. Interestingly, Finland has been hit by another strong recession in the early 1990s and a comparison of the fertility response to the two recessions offers stimulating and puzzling evidence. Previous research on the 1990s recession shows in fact that, differently from other countries, the pro-cyclical behavior of fertility to the business cycle was absent in Finland (Vikat 2004). The objective of this paper is to test if macro-level evidence is supported by individual-level data. In particular, I focus on first births probability and estimate how differently the two recessions (1990 vs 2008) affected fertility through labor market uncertainties. I use Finnish Population registers (1988-2013) and I adopt a dyadic couple perspective to have a complete picture of the labor market attachment of the couple before childbearing.