Yes we can do hidden of the whole column too.
In the analysis tab , On the selected column go to edit properties
Edit properties-->Column Properties -->Column Format--> right top side we have option Hide ( Check in that , the column will get hide)
or another method in the pivot table view on the top head of the column give right click u will get the " Hide column" option to hide.
And save the report and check in dashboard
After a bit more poking around I found a dashboard with one pivot correctly hiding the labels column and one not, after comparing the XML it seems that the visibility attribute is not always set correctly. I can only assume this is a small problem in the upgrade utility. This leaves me with a huge and very labour intensive task, I fear. It would be good to know I anyone else has encountered this though.