Indeed it should. But note that the LED on the back of the sensor is not a totally reliable guide to the state of the output.
The output is not in fact a pulse, in that there is no control of the shape of the output using (say) a Schmitt trigger. I measured pin 6 at 3 mV in darkness and VCC - 35 mV in reasonably bright light. The output goes to an acceptable ‘high’ state long before the LED on the rear of the sensor lights up.
Measurements & a circuit diagram are here: First try with EmonPi - Pulsecount stuck at 1 - #16 by Robert.Wall
And some more Adjusting sensitivity of Optical Pulse Sensor - #21 by Kempson
Wire colours: 3.3V power: red, GND: black, output: blue.