Newcastle were easily beaten 3-1 by champions Manchester City at St James' Park at the weekend - their seventh defeat in their last nine games - and now languish down in 15th place in the Premier League table.
Pardew told the Evening Chronicle: "It's out of respect to our fans and what we have served them this year. There's no party for us, and the same for the staff. That's how it should be.
"Trust me, there have been horrible things said about our group and our staff, but we are together, and we are fighting and trying to put it right.
"The fans have to realise this isn't just a game to us, it's our livelihoods and our profession. It pays our bills. Not only that, we have to have a certain pressure of entertaining our fans, who pay good money to come and watch.
"Looking at all those factors, we have not done enough this year. That's why I think it's right we called it off."
The Magpies will now be desperate for three points on Saturday when they play host to Harry Redknapp's QPR, who kick-started their season with a first victory over Fulham at the weekend.