Please, please reconsider.
Labradors stay in the puppy stage for a good 2-3 years. They are also very mouthy dogs and, like all pups, will bite and nip while they're teething and learning bite inhibition. Razor puppy teeth are painful and unpleasant for adults, let alone small children.
Then, you move on to life with a puppy. The bite, have accidents all over the floor, chew, eat things they shouldn't, get into all kinds of mischief if not supervised, can't be left for longer than about half an hour at first, can't go out much at all for the first month - how are you going to cope with that and a newborn? Mine also didn't sleep through the night without needing the toilet until he was 5/6 months old. Are you happy to get up through the night with a puppy as well as with a newborn?
How are you going to keep the puppy and your baby safe? What if both have accidents at the same time? What happens when the baby becomes a toddler and is crawling? You'll need to supervise them constantly and if not, take one or the other with you whenever you leave the room, even if it's just for a second.
Labradors need a lot of exercise - at least two good walks a day when they're fully grown. Are you happy to take a toddler out for 2+ hours a day in all weathers? When you're ill or they're ill or both? When it's filthy and pissing rain and your stuff is still wet from the first walk and you have to go out again else the puppy will eat your house out of boredom.
I also very much doubt your husband will cope at work with a young dog - we had the same idea with ours and it lasted two days! He now goes to doggy daycare on the days we both work. Puppies are incredibly needy and need a lot of input. How is your husband going to work, entertain a puppy, let it out for the toilet (because small pups can't wait - when they need to go, they go), take it for walks etc? It could work for a calm, older dog but not for a small pup. A friend of mine takes their Labrador to work - the dog is five and it only works because it's an outdoor shop and all the workers there are dog-friendly and will take the dog out for regular walks and runs throughout the day. The dog certainly wouldn't cope otherwise.
Please have a good long think about this. So many young dogs end up in rescue because people get them at the wrong stage in their lives and can't cope. The dog then gets given up on and ends up in rescue because people realise that young dogs require a LOT of work and can't juggle their needs along with the needs of a toddler.