The status bar shows word counts and character counts, content-related warnings, and the Outline and Inspector buttons.
By default, this typically shows the word count for the current paragraph. If you make a selection, it will include the word and character count for that selection to the right of the paragraph word count.
If the section you are working in has word or character count requirements, you may see a warning icon in the status bar. That means that the minimum counts have not yet been meet, or the maximum counts have been exceeded. Click the icon to see what counts are over or under the requirements.