STATUS is a register in the PIC that contains the results (status) of arithmetic operations.
Depening on the chip family, it may also have Watchdog Timer status and FSR/page bits.

STATUS.0 is the CARRY flag.
After an addition, if the result is larger than 255 the carry bit will be set (1).
After a subtraction, if the result is less than 0 (BORROW), the carry bit will be cleared (0).

The carry bit is only valid after addition/subtraction with 8-bit values.
After math with WORD values, the carry bit cannot be used because not all of the math is done by the hardware.