That statistic is meaningless if you don't compare it to the absolute rate for other causes of death. In the US, suicide is the second-leading cause of death* of people aged 15-34, and very high on the list for ages 10-15 and 35-54 (source: http://www.cdc.gov/nchs/data/nvsr/nvsr65/nvsr65_02.pdf, pages 18-19). "A signal of our society crumbling before our eyes", maybe not, but if the second-leading cause of death in a large age group was a bacterial disease, and it has increased by a double-digit percentage in the last decade, people would be calling that a public health emergency.
* Accidents being #1. And since accidents are, well, accidents, suicide is arguably the leading cause of death that we can meaningfully do something about.