Double that at least, but depends on quantity. Local sew house quoted $1.35 for hem tags sewn at 300 pieces.
I thought it high so we brought it in house (Juki with the computer thing), and in terms of time/labor they weren't too far off haha.
We're in SF Bay Area for reference, and there's quite a few sewing places in the area.
One of our local distributors, Apparel Source, is/was next to a sewing shop and would have your labels sewn in before shipping
blanks to you, super convenient, and even as of 5 years ago I recall pricing being similar to above.