That seems pretty decent to me (0.00047" over ~7.1"). You are in the range where cutting tool / surface finish are as significant if not more.
This might open up a dam of lathe alignment discussion, but I think when the bar has tail stock (TS) support, the readings are more indicative of alignment of both TS & HS at the points of material contact. In other words, your spindle axis may actually be off by a smidge, but the TS center is 'forcing' alignment. Think of it like when we consciously try to cut taper with the offset TS method (although that is between centers vs held on one side by HS chuck). Don't get me wrong, your HS-TS alignment is a great thing. As long as it was the final alignment step after HS alignment to bed was verified.
If you removed the TS support & the bar was cantilevered & cutting yielded equal diameters, that would prove spindle alignment. But of course now we have material deflection issue to contend with. The cutting tool will deflect the bar more at the unsupported TS end vs the supported HS end, TS diameter will read bigger & we have a false reading. The simplest & practical way I know of to independently check HS alignment is with a test bar in the MT socket. Mine is MT3 which fits in MT5 spindle socket. The bar can similarly be used in MT3 tailstock quill.