I don't know about an official answer but using a simple variation on a round-robin database (RRD) ought to do the trick. Basically:

  day count = [last 23 hour buckets] + hour count
  hour count = [last 59 minute buckets] + minute count
  minute count = [last 59 second buckets] + second count
  second count = <running count cleared every 1 second>

You end up losing a small amount of accuracy, the worst being for keeping track of the second counts. You can avoid that by using an actual list of counter values for the seconds bucket and dumping those out when they get older than a second, or maybe by introducing another subdivision -- 1/10th of a second probably is good -- so that you actually have .9 seconds worth of data and can interpolate the last bit.