I found that Blogger is so kind to us that we can have up to 100 blogs under one Google account or e-mail address. You can also have unlimited blog post on one blog. So that you can write your blog post at ease without having to worry that you may reach the limit.
But, you should use label with careful thought because the limitation of labels are 2000 labels. It may seem a great number, though. Anyway, reaching 2000 labels seem to be possible in a few years if you don't know how to write the labels for your post.
Well, that's what I found and if you need to know complete limitation of Blogger blog, you may click here to go directly to the page where I found this information.