There is an issue I've got today, UILabel has not not autoshrinking text to fit label size. Investigation gives the answer - do not select "Word Wrap" in Line Breaks parameter for this label control, select "Truncate Tail" (see illustration) and it magically starts to work. This applied to latest Xcode 6 and iOS7-iOS8 targets. For earlier versions like iOS 6 you also have to set up 1 in "Lines" field to auto shrink can be applied.
