Unfortunately, Photoshop lacks this feature for some weird reasons (apparently, Adobe doesn’t want us to use PS for website layouts). Still, if you need to distribute spacing between objects in Photoshop, consider following tips & tricks.
If you need to draw a website menu like this:

Aside from manually aligning numerous layers, you have following options:
• Compose your menu in Illustrator and paste into PS as smart object. This method certainly has its benefits and drawbacks, depending on your needs.
• Use this trick. Unfortunately, it’s not that convenient most of the time, you’ll have to use tracking instead of spaces, and whole menu will be in one layer. Besides, you can’t exactly add graphic dividers that way.
• Use this and this scripts. This may be the most convenient solution, basically you get a neat menu in one mouse click or hotkey. Too bad it works rather slow compared to native Illustrator function, but we don’t really have a choice.
UPD: Trevor has recently updated his scripts, movement of layers is now locked to full pixels, which prevents smudging artifacts. Thanks to Trevor Morris for this wonderful timesaver!
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