John Herrmann, senior fixed-income strategist at State Street Global Markets, discusses ADP Employer Services jobs data for June and the outlook for the U.S. economy.   Companies in the U.S. added 157,000 workers to their payrolls last month, according to ADP. The median estimate of economists surveyed by Bloomberg News called for an advance of 70,000. Herrmann speaks with Lisa Murphy and Michael McKee on Bloomberg Television’s "In the Loop." (This is an excerpt of the full interview. Source: Bloomberg)