I had a similar problem last year towards the end of my pool season, and left it go till the end of the season. Hindsight, probably should have done something sooner, for I had a pretty good squeal coming from the pump last year.

This is a pretty easy fix. I got a complete seal rebuilt kit from the pool store, cost about $36, and took about 1/2hr.

The main seal (ceramic) was pretty shot, all looks good now.

Hope this helps.