Check Out the payroll bloodshed.

According to U.S. government data on Friday, 533,000 jobs went up in smoke in November, making the losses the deepest since 1974.

The retail sector axed 91,000 jobs during the month, more than the 62,000 it slashed in October and over four times the 22,000 jobs it shed in July.

Relief does not seem near.

Consumer and retail companies, heaving under the pressure of the recession and strained consumer spending, are resorting to cost cuts where they can. That, among other things, points to leaner inventories and fewer jobs as the holiday shopping season progresses.

Just this week, for example, upscale New York-based jeweler Tiffany & Co said it would offer about 800 U.S. employees a chance to take up retirement as part of its plan to cut staffing levels. The company revealed  details of its already planned job cuts in a regulatory filing and said that its management has yet to finalize the numbers, hinting that more cuts may come.

Retailers like consumer electronics company Best Buy and department store chain J.C. Penney indicated earlier that a weak sales environment means holiday staffing could be trimmed.

The pain is not just being felt locally — stricken British retailer Woolworths is cutting 450 jobs, its administrators said on Friday.

Will December bring some cheer to the sector? We’ll have to wait and watch.

Also in the basket:

Big Lots posts lower profit, cuts outlook

Brown-Forman Q2 profit rises, boosts 2009 outlook

Tips falling victim to financial crisis

December should bring some cheer to US retail sales

(Photo/Reuters)