first thing to check now is the co2 in the tank. does the tank feel light? if you move it around can you feel liquid in it moving? (CO2 is stored under pressure in liquid form with a small amount of expansion area. as the tank empties the liquid converts to gas and flows out as it looses pressure. as long as there is liquid, the pressure will not change at a constant temp, but if it heats up or is warm, the pressure can spike. once all liquid converts to gas, the pressure drops rapidly. As the pressure drops on the tank side, it puts less pressure on the reg piston. this has the effect that the piston opens further letting the output pressure rise, so at the end of your CO2 tank, your reg output pressure rapidly rises on an inverse ratio of the tank pressure dropping, based in a big part on the compression ratio of the reg.). So my first thought is you are at the end of your CO2 and everything is set and reading correctly. I would check and see, and if that is the case, get a new fill and reset it up. as you set it up make sure to pay attention to your seals and that everything is tight. then also use soap water to check for leaks. you might also weigh your tank before and after filling, it is very possibly you got a bad or hot fill (in which they filled the tank warm and only got a small amount of liquid instead of the full 5 pounds, instead of chilling by putting some co2 in and degassing it then slowly filling the tank to the correct weight) or that they time filled it instead of weight filled it. if thats the case, you need to speak with them and probably find a new place to fill it cause they are ripping you off. This is common for inexperianced fillers or cheats, so its worth knowing. My honest guess is that you got a bad fill.
/took me to long to type that up and this has progressed. sounds like you found a leak. even if it was a slow leak, you may have still gotten a bad fill.