Month in America, below zero (5)
I believe the answer is:
minus
'below zero' is the definition.
(I've seen this before)
'month in america' is the wordplay.
'month' becomes 'm' (standard abbreviation).
'america' becomes 'us' (abbreviation for the United States).
'm'+'in'+'us'='MINUS'
(Other definitions for minus that I've seen before include "(Of temperature) below zero" , "Less, without" , "Negative sign - negative thing" , "'Take away' sign" , "Disadvantage" .)