A submersible pump assembly includes a rotary pump and an electrical motor operatively connected to the pump for driving the pump. A seal section is connected between the motor and the pump for reducing a pressure differential between lubricant in the motor and hydrostatic well fluid pressure. A shaft assembly extends from the motor through the seal section and the pump. A sleeve surrounds the shaft assembly. A carrier body has an inner diameter surface. An anti-rotation member is on an exterior of the carrier body in static engagement with an inner diameter surface of the pump assembly for preventing rotation of the carrier body. An annular metal radially deflectable spring is located between and in contact with an outer diameter surface of the sleeve and with the inner diameter surface of the carrier body. The spring is a wave spring with undulations.