As it's February 29th. . . a few people have asked me whether I think the creation of an extra day provides any kind of boost to the economy. The short answer is "not really."
The longer answer starts with a bit of math. One extra day makes the year 0.27% longer theoretically allowing for 0.27% more economic activity to take place. So it's true that all things considered you might get a smallish boost to aggregate output and income totals. But in terms of things people care about like unemployment only increasing the density of economic activities provides a boost. Taking another full 24 hours to do another 24 hours worth of work doesn't change anything. That said, on shorter time frames it does make a difference. Anyone who's subjected to monthly performance metrics of any kind will do a bit better than he would in a normal February. This is mitigated by the fact that even with Leap Day added, February is still a freakishly short month, so it's not like anyone is going to use their extra day to break sales records.