There is literally a generation called "baby boomer." And, their children are called millennials.
Here[1] is the US population pyramid. You can clearly see the small increases and decreases at various ages - a demographic pulse, as you said. There is a significant decline in the echo currently at ~14 in that image. I would note that early adulthood tends to bring in more immigration (people moving for university and staying), so I wouldn't read too much into it at this point.
[1] https://en.wikipedia.org/wiki/File:USA_Population_Pyramid.sv...
As to the generations - those are still just useful generalizations. As soon as you start digging into it, you start seeing all the edge cases.
[1] https://en.wikipedia.org/wiki/File:US_demographic_compositio...
[2] https://en.wikipedia.org/wiki/File:Canada_2023_Population_Py...
It is true that Gen Z is smaller than Millennials but not by much. Millennials are 21.67% of the US population and Gen Z are 20.88% (Gen X is 19.61%, Boomers 20.58%, Silent Generation 5.49%, and Greatest Generation 0.2%) [1].
[1] https://www.statista.com/statistics/296974/us-population-sha...