I'm thinking that since I have the pump restricted back and thus the flow lowered that the amps are lower.

As far as accuracy I think the meter is close.

Here's the specs:
HP - 1~.13
RPM - 3450/1725
Volts - 230
Service Factor Amps - 7.4/1.4
Service Factor - 1.65
Frame - 56Y
Shaft - Threaded
Overload Protector - Auto
Length Includ. Shaft - 13.4


So I think ~1 amp is right on the money if the flow is restricted back.