How many digits are really significant when expressing the correlation coefficient? More is better? I beg to differ. Can someone please direct me to an article that discusses this topic? Thank you.
I agree with David and William, and Farooq brings up a good point to consider if it's applicable. The best way to verify a linear fit is also to plot the residual of each point (take the observed value and subtract the theoretical value from a linear fit). If the plot of residual versus the x-value of the point exhibits a pattern (such as a parabola), then a linear fit may not be appropriate. This may not apply to all data, but it's still a good test.
You may want to check the SPSS help for this Q. However, The Pearson coefficient or r , indicates the strength of the association between the variables. r varies between -1 & +1. A correlation coefficient near +1 indicates there is a strong positive relationship between the two variables ,with both always increasing together. A correlation of -1 indicates there is a negative relationship between the two variables,with one always decreasing as the other increases. A correlation of 0 indicates no relationship between the two variables.
About significat digits , if you look at different papers ,r usually expressed as 2 digits after decimal and its explanation is as above. One of my papers "Subclinical hypothyroidism in Li treated ..." is an example that Pearson coefficient is used.