Labels[ Edited ]
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I'm not sure but I would confidently guess that it will be included in the next (or near future) AdWords Editor update. It's definitely something worth suggesting -
ScottyD, AdWords Top Contributor
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Thanks for posting! At the moment it's not possible to manage Labels in AdWords Editor, but I'll take this feedback on board and let our specialists know.
Hope you enjoy using the new feature despite this!