Either way, were talking relatively minor undulations
We're not exactly missing that many people. We need around 300,000 people to restore job vacancies to the historical norm. Which, conveniently, is the size of that undulation.
Your workforce assumption was misinformed
Only if Statscan is misinformed, as the numbers come straight from they.
but there have also been many improvements in I-O, timekeeping, and digitization.
Those improvements came from capital, and as such capital gets the reward. If workers want a bigger piece of the pie, they are going to have to figure out how to become more productive themselves (or get their own capital).