European chasing American employment (3)
I believe the answer is:
use
'employment' is the definition.
(how something is used)
'european chasing american' is the wordplay.
'european' becomes 'e' (abbreviation e.g. EU).
'chasing' is a charade indicator (letters next to each other) (some letters chase after others).
'american' becomes 'US' (United States).
'e' put after 'us' is 'USE'.
(Other definitions for use that I've seen before include "Employ - advantage" , "Employment; utilise" , "Employ, put into service" , "Employ - custom" , "Benefit" .)