The correlation coefficient is a statistical measure that describes the strength and direction of a relationship between two variables. It quantifies how strongly two variables are linearly related, but it does not indicate causation (does not tell whether one causes the other).
Correlation coefficients range from -1 to 1, where values close to 1 indicate a strong positive relationship, values close to -1 indicate a strong negative relationship, and values around 0 suggest little to no linear relationship between the variables.
Statistical data
- Young people dropping out of education and labour market participation
- Short-term business statistics and the economic sentiment indicator