All it means is that the atmospheric pressure in that particular location is 1008 millibars. Most of the world recognise that the INTERNATIONAL STANDARD ATMOSPHERE is +15 degrees celcius at sea level with a pressure of 1013.2 millibars.
The fact that you see 1008 indicated is neither a sign of good weather or bad weather as it is the TREND which shows this.
For example: monday 1008, tuesday 1012, wednesday 1015, shows that the pressure in the area is building creating a bit more atmospheric stability and chances are the weather will improve, but it is not accurate as there are lots of other factors to be taken into consideration such as surrounding weather systems etc.
Equally 1008 can be a HIGH or a LOW as it is relative to the surrounding pressure systems, if neighbouring systems are 1030 then 1008 is a LOW if they are 998 then 1008 is a HIGH.
Another consideration is height and temperature and the relationship between them:
For every 30 feet you are above SEA LEVEL your barometer will drop by 1 millibar, so if your barometer was at 150 feet then the pressure at SEA LEVEL would be 1013.
For each 1000 feet you are the temperature drops by 1.98 degrees celcius (call it 2), so if the temperature at 150 feet was around 14.7 degrees celcius with your 1008 then you would be close to ISA conditions which doesnt really mean anything anyway!
In short, your barometer can be a useful tool in predicting the weather but you need other information as well, its probably like trying to tell the time on a watch with no minute hand, you can have a stab at it but it probably wont be too accurate.
Hope this helps, sorry about the techie bits.