I believe that this is because of "spring back". The jacket expands with the swaging process, but tends to spring back a bit toward its original diameter. This causes the lead to rise a bit in the jacket.
If I recall correctly, Dave Corbin deals with this in one of his books. When swaging cores he mentions tapping the handle three times to fix the core weight. Since there's no jacket involved at this point, it may be the die itself that's expanding and springing back. When I make cores, I hold the handle down a second or so in case more lead wants to seep out of the core.