Question about jet pump losing prime, and foot valve


Hi,
I've a 75ft deep well, a jet pump (1HP, manufacturer=Goulds), and a 32gal water tank. The well sanitary cap, pump and tank are completely accessible and observable. I've noticed that the pump will come on at least 1time in the early morning hours, long after everyone's asleep and no water usage. I tried an experiment: I disconnected the pump's electric, and closed the ball valve between the pump and the tank, isolating the pump & well from the rest of the house. I watched the water pressure gage on the pump go down 1psi every minute until I'll lose the prime after a long while. Is this a definite sign of a bad foot valve at the bottom of the well? Other than a leak on the hoses down along/in the well, could it be anything else??
Thanks.
Theodore
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Forgot to mention: it's a double-line pump, with two hoses going down the well.
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