I'm guessing you don't have a dial indicator, or you would have already used it to check for runout. For now, take the largest bit you have that will fit into the chuck and lock it in, making sure you leave some of the smooth shank of the bit visible. Set your press to the lowest speed and start it running. Take a toothpick, bamboo skewer, sliver of wood, or whatever and with a steady hand, slowly bring the tip into contact with the spindle just above the chuck. If you feel it touching and not touching as the drill turns, you have runout in the spindle; it may be either bent or badly machined, and should be replaced under warranty *if* it's outside the specifications which should be stated in your manual.
If it seems to be smooth there instead, check again against the bare shank of the bit, as close to the chuck jaws as you can get. If it's touch and no-touch there, then the chuck itself is either too sloppy or there's something on the spindle taper where the chuck mounts to throw it off.
Figure out where the wobble is. If the spindle seems to run true, remove the chuck and make sure the tapers on the spindle and in the chuck are clean and smoooth. If the spindle wobbles, you need to check it again with the chuck off and using a dial indicator to see how much it runs out. If it's outside Jet's specified tolerance, they should replace either the spindle or the whole press for you.