The program counter isn't the only element of that "what the program is doing now" state though. The context in which the current instruction is being executed makes a world of difference.
And the ability to save all of that into a variable so that you can pass it around to other parts of your program means that your programming language supports Continuations.
inclusive of that, the best term is probably "machine state" or similar.
Edit: just realized I didn't really answer the question, I believe what your actually talking about is a statement.
I usually jump at the chance to talk about stuff from my old EE days :)