Missing api-ms-win-crt-string-l1-1-0.dll

When I try to launch Adobe Photoshop CC (2015.5) from the Creative Cloud, I receive the following error message: "The program can't start because api-ms-win-crt-string-l1-1-0.dll is missing from your computer. Try reinstalling the program to fix this problem." I have verified that the "missing" DLL is in the correct system locations for 32- and 64-bit versions. I have reinstalled the DLLs and Photoshop, and I have run Windows Update. Nothing has worked. An Adobe support person spent 2 hours in a remote session with my computer and could not fix it. He believes it is a Microsoft issue, possibly related to Photoshop not finding what it is looking for in the DLL versions. Has anyone else experienced this issue and figured out how to resolve it?

Looks like the program was compiled with Visual Studio 2015, so you need to install the Univeral C runtime:

The Windows Update package on this page allows Windows desktop applications that depend on the Windows 10 Universal CRT release to run on Windows Vista SP2, Windows 7 SP1, Windows 8, and Windows 8.1 S14