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"labor cost" is correct and usable in written English.
You can use the phrase "labor cost" when you are writing about money and time associated with the work of employees or labor. For example, "The labor cost for this project is estimated to be around $25,000."
Exact(60)
Participant cost was estimated at cost of a laborer when labor cost is the lowest [ 21].
Labor cost was calculated by multiplying the labor cost per hour with the total time of travelling and idling.
Most other labor cost indexes are also rising mildly.
Potentially it will be tremendous, because we're talking about labor cost savings.
(This measure is also sometimes called the "inverse of real unit labor cost").
This small prototype, relying on reduced design costs and much volunteer labor, cost about $220,000.
These do count as a labor cost, cutting into profits that drive expansion plans.
"The labor cost is very cheap in China and Indonesia," Mr. Baek said.
"The gates are heavy to ship and they involve very little labor cost.
It therefore becomes easier for me to estimate the required hours and labor cost.
Meanwhile, Greece's unit labor cost (the average cost of labor per unit of output) has increased by roughly 40 percent.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com