We show that the presence of Fermi or non-Fermi liquid behavior in the $\mathrm{SU}(N)\ifmmode\times\else\texttimes\fi{}\mathrm{SU}(M)$ Anderson impurity models may be read off the infrared threshold exponents governing the spinon and holon dynamics in a slave boson representation of these models. We construct a conserving
T-matrix approximation which recovers the exact exponents with good numerical accuracy. Our approximation includes both coherent spin flip scattering and charge fluctuation processes. For the single-channel case the tendency to form bound states drastically modifies the low energy behavior. For the multichannel case in the Kondo limit the bound state contributions are unimportant.