A submersible well pump has diffusers fixed within the housing and an impeller mounted between each of the diffusers. Spacer sleeves located between and in abutment with hubs of adjacent ones of the impellers define a stack wherein the impellers rotate in unison with the shaft and are axially movable in unison with each other relative to the shaft. A stop shoulder on the shaft abuts the lower end of the stack. A spring mounted in compression around the shaft in abutment with the upper end of the stack urges the lower end of the stack against the stop shoulder. Upward movement of the stack requires further compression of the spring. Up thrust and down thrust gaps between each impeller and adjacent diffusers prevent up thrust and down thrust from being transferred to any of the diffusers.