This is not a typical re-election. It was by far the 2nd closest victory ever for anyone who was already President (only 1916 was closer). You can't get much of a bounce when you're the most divisive politician since the Civil War.
PV reelection margins since the Civil War:
1872 - 11.8%
1900 - 6.12%
1916 - 3.12%
1936 - 24.25%
1940 - 9.96%
1944 - 7.5%
1956 - 15.4%
1972 - 23.15%
1984 - 14.21%
1996 - 8.51%
2004 - 2.46% (projected)!
In fact, Bush won reelection by the smallest percent of any president since the Civil War.
Yes, and by far closer than every year except 1916.
Wilson went to bed election night thinking that CA voted for Hughes and that he lost.