Usually, workers can bet on landing temporary retail jobs for the holidays; however, this year, retailers need to cut costs, and that means cutting jobs.

According to staffing firm Challenger, Gray & Christmas, 9% fewer jobs (509,000) were created this October-November than were created during the same two-month period last year. And unless there is a hiring upsurge in December, this will be the largest decrease since 2001.

"Retailers are being very cautious about staffing," said the firm's chief executive, John Challenger.

But will these cuts have consequences? A smaller staff means less customer service during a time when service is needed most. According to Britt Beemer, founder of America's Research Group, "a record number of shoppers said they walked out of stores recently because they couldn't find a sales clerk to help them."

The director of the retail and consumer practice for Archstone Consulting said it all: "If you want to get the sales, you've got to have the help."

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