Gross domestic product increased at a 3.0 percent annual rate in the July-September period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department said on Friday.
While the department acknowledged that it was difficult to assess the total impact of Hurricanes Harvey and Irma on economic output, preliminary estimates showed that the back-to-back storms had caused losses of $121.0 billion in privately owned fixed assets, reported Reuters.
In central banking news, the European Central Bank announced Thursday that it plans on cutting the level of bonds that it buys every month; however, it will extend the monetary stimulus program until at least September 2018.
Meanwhile, a few House Republicans sent a letter to President Donald Trump, calling upon him to not reappoint Janet Yellen as chair of the Federal Reserve when her term expires in early 2018.
In politics, the House narrowly voted to approve a Senate version of next year's federal budget Thursday, making it easier for the Senate to push through tax cuts in the near future.
In the energy markets, oil prices were under slight pressure in morning trade.
—CNBC's Jeff Cox, Christina Wilkie and Gina Francolla contributed to this report.