The spin and charge structure factors are calculated for the Hubbard model on the square lattice near half-filling using a spin-rotation invariant six-slave boson representation. The charge structure factor shows a broad maximum at the zone corner and is found to decrease monotonically with increasing interaction strength and electron density and increasing temperature. The spin structure factor develops with increasing interaction two incommensurate peaks at the zone boundary and along the zone diagonal. Comparison with results of Quantum Monte Carlo and variational calculations is carried out and the agreement is found to be good. The limitations of an RPA-type approach are pointed out.Soon after the discovery of superconductivity in the cuprate materials, it was suggested [1] that this phenomenon is closely related to strong correlation effects. Indeed correlations are responsible for the insulating state observed in the parent compounds. The simplest Hamiltonian accounting for such Mott insulators is the one band Hubbard model. It poses a serious challenge to the theoretician since ordinary many-body perturbation theory breaks down for strong coupling, being unable to account for Mott insulator state. A number of new techniques have been developed, either fully numerical such as Quantum Monte Carlo calculations or exact diagonalizations of small systems [2], or analytical using the Hubbard X-operator technique (for a recent work see [3]), the self-consistent 2-particle theory [4], the dynamical mean field approximation [5] or slave bosons. The slave boson method has been applied to a whole range of problems with local Coulomb interaction: the Kondo impurity model [6,7], the Kondo lattice model [7-10], the Anderson Hamiltonian [6,11] the Hubbard model [12,13] possibly with orbital degeneracy [14] and even the Bose-Hubbard model [15]. In the Kotliar and Ruckenstein (KR) slave boson technique [12] the Gutzwiller Approximation [16-19] appears as a saddle-point approximation of this field theoretical representation of the Hubbard model. In the latter a metal-insulator transition occurs at half-filling in the paramagnetic phase as discussed by Lavagna [20]. The contribution of the thermal fluctuations has been calculated [21] and turned out to be incomplete as this representation, even though exact, is not manifestly spin-rotation invariant. Spin-rotation invariant [22] and spin and charge-rotation invariant [23] formulations have been proposed, all sharing the advantage of treating all the atomic states on an equal footing, and the first one was used to calculate correlation functions [24] and spin fluctuation contributions to the specific heat [25]. Comparisons of ground state energy with Quantum Monte-Carlo simulations, including antiferromagnetic ordering [26] and spiral states [27], or with exact diagonalization data [28] have been done and yield excellent agreement, and a magnetic phase diagram has been proposed [29,30]. The magnetic susceptibility has been evaluated [31] and