You can modify the description inside the file JiraWebActionSupport.properties located under the <JIRA_INSTALL>/atlassian-jira/WEB-INF/classes/com/atlassian/jira/web/action.
label.edit.start.typing=Begin typing to find and create labels or press down to select a suggested label.
Shut down the JIRA instance and modify the JiraWebActionSupport File and check whether the changes has been reflected after restarting the JIRA. Also you may like to go through this link
Alternatively, if still the changes are not reflecting, you need to
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