diff --git a/src/vs/workbench/services/label/common/labelService.ts b/src/vs/workbench/services/label/common/labelService.ts
index 77bebea1837..a1da62897c5 100644
--- a/src/vs/workbench/services/label/common/labelService.ts
+++ b/src/vs/workbench/services/label/common/labelService.ts
@@ -142,7 +142,7 @@ export class LabelService extends Disposable implements ILabelService {
 		this.os = OS;
 		this.userHome = pathService.defaultUriScheme === Schemas.file ? this.pathService.userHome({ preferLocal: true }) : undefined;
 
-		const memento = this.storedFormattersMemento = new Memento('cachedResourceFormatters', storageService);
+		const memento = this.storedFormattersMemento = new Memento('cachedResourceLabelFormatters', storageService);
 		this.storedFormatters = memento.getMemento(StorageScope.GLOBAL, StorageTarget.MACHINE);
 		this.formatters = this.storedFormatters?.formatters || [];
 
diff --git a/src/vs/workbench/services/label/test/browser/label.test.ts b/src/vs/workbench/services/label/test/browser/label.test.ts
index 31252fd11ef..763d3a9d024 100644
--- a/src/vs/workbench/services/label/test/browser/label.test.ts
+++ b/src/vs/workbench/services/label/test/browser/label.test.ts
@@ -166,7 +166,7 @@ suite('URI Label', () => {
 
 
 	test('label caching', () => {
-		const m = new Memento('cachedResourceFormatters', storageService).getMemento(StorageScope.GLOBAL, StorageTarget.MACHINE);
+		const m = new Memento('cachedResourceLabelFormatters', storageService).getMemento(StorageScope.GLOBAL, StorageTarget.MACHINE);
 		const makeFormatter = (scheme: string): ResourceLabelFormatter => ({ formatting: { label: `\${path} (${scheme})`, separator: '/' }, scheme });
 		assert.deepStrictEqual(m, {});