The W3C Specification for the label tag http://www.w3.org/TR/html401/interact/forms.html#h-17.9.1 says:
The LABEL element may be used to attach information to controls
Does “information” include error messages?
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You can use it, as it is possible to attach more labels to a single input.
It also have accessibility considerations. This article recommends the following (mind the
roleattribute):