Not a screen reader user but I have used them a lot in testing. I'd be surprised if it's meaningfully exposed to assistive tech. Not at the computer right now so I can't test.
That said, I imagine it's more useful to do the opposite, label the output itself e.g.
<label for="output">Total</label> <output id="output">£123.45</output>
That way it will be announced like "Total, £123.45" rather than a random number with no context