If the motor is running, if the motor shaft is turning and is connected properly to the compressor piston assembly, if the piston seals are not worn to the point that the air is blowing by them, and if the intake valve is working properly, then you should be compressing air.
There will be an air intake filter near the top of your compressor head. Take the filter off and run the compressor. Air should be being sucked into that small opening, and no air should be coming back out. Is there?
If there is, it would suggest that the intake valve has failed, and now all your compressor is doing is pulling air into the cylinder on the piston retract, and then blowing that same air back out the intake hole on the compression stroke.
Air flows to the path of least resistance, and if the intake valve has failed, the path of least resistance will be right back out the same hole the air came in through.
For more answers to related problems if this is not the case for yours go here............
http://www.about-air-compressors.com/compressor-will-not-build-pressure.html