[This may have been asked before, but I'm on the android app and the search function seems unable to find it]
I'm getting confused with p-values and the null hypotheses. I'm testing if two values are related and I've done some reading and decided to use spearmans rank correlation. An example of a value I get from one of my tests is as follows:
Spearmans: 0.07 P-val: 0
The p-val isnt always exactly 0, sometimes is a tiny number (eg. 0.0007). Now I understand that a spearmans of 0.07 is a very weak correlation, but does a p-value of near zero imply that the correlation is very statistically significant?
My understand of the above would mean that we can be very confident that the weak correlation is present; ie. Changing value 1 will result in a change in value 2, but the amount value 2 changes is hard to predict.