The association predicts continued growth, with sales expected to reach $241.3 billion this year, an increase of 6.2 percent over 1989.
Analysts had been predicting growth of 12 to 15 percent.
Analysts have recently been saying similar things about the American economy, although most continue to predict growth of 2 to 3 percent next year.
And for 2004, many analysts are predicting strong economic growth.
The researchers predicted 10% growth in this number by the end of 2008.
Many economists predict growth this year of 2 to 2.5 percent.
A month ago, he had predicted growth of 1 to 1.5 percent.
The trade group predicts growth of only 1.5 percent in 1993.
It also predicted growth of 2.2 percent for next year.
Administration economists also continue to predict economic growth of around 3 percent for the year.