Sorry - hit the wrong key before I could finish posting - here's the standard:
The coat is a distinctive feature of the Labrador Retriever. It should be short, straight and very dense, giving a fairly hard feeling to the hand. The Labrador should have a soft, weather-resistant undercoat that provides protection from water, cold and all types of ground cover A slight wave down the back is permissible. Woolly coats, soft silky coats, and sparse slick coats are not typical of the breed, and should be severely penalized.
Just some perspective...our standard says that a slight wave is acceptable (not preferred) and the international standard says that any wave is not correct.