Thank you for reporting the problem, your Telerik points are updated.. The Label Wizard is at the bottom of the form, and appears to be hidden in the latest Q3 2014 version 126.96.36.1997. A fix will be provided in a consecutive internal build.
For the time being you can use the Standalone Report Designer, and if needed you can import the created TRDX file (report in XML format) in Visual Studio - Import Report Wizard
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