Assuming it's not just a bent drill bit or two, it could be as simple as some chips in the chuck jaws, or a slightly skewed chuck. Make sure everything is clean, then tighten the chuck all the way to make sure closes evenly. You can check run out with a dial indicator easily enough. I'd check the shaft that the chuck is pressed onto first. If that's ok, then check the chuck (on a smooth part obviously), and if that's good, chuck in a piece of drill rod, or something that's ground truly round, and indicate that. This will give you an idea of run out. If shaft and chuck run mostly true, but the rod is dancing all over the place, then you've got some bad jaws. If the rod AND the chuck have run out, but the shaft is true, then you may want to pull the chuck off, clean it really well, and re-mount it. If the run out starts at the shaft, you may be out of luck, short of rebuilding or replacing.
Powermatic is a top level brand though, and being only 10 months old, I doubt it's the shaft, unless the thing tipped over or something.
