WASHINGTON—U.S. consumer confidence rebounded from a one-year low in March amid growing labor market optimism, but rising interest rates as the Federal Reserve battles raging inflation could hurt motor vehicle purchases and crimp consumer spending. The labor market continues to favor workers, with other data on Tuesday showing job openings hovering near record highs in February. Tightening labor market conditions are boosting wages, providing some cushion against inflation. Consumers’ one-year inflation expectations shot up to an all-time high of 7.9 percent. “A strong job market is helping households shoulder the worsening burden of rising prices,” said Tim Quinlan, a senior economist at Wells Fargo in Charlotte. “One of the few things still supportive of consumer confidence is the fact that the labor market remains exceptionally tight.” The Conference Board said its consumer confidence index rose to a reading of 107.2 this month from a downwardly revised 105.7 in February. Economists …